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India’s growth rate, supercharged for a decade, is falling back to older, lower levels

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Surjit Bhalla, a Delhi-based economist, points out that spending on welfare to relieve poverty now represents 2.5% of GDP. That is not a huge share, but it is rising fast: during Mr Singh’s first government it was just 1.6%. Mr Bhalla worries that this sort of spending does less to help the poor than, say, the creation of productive jobs…..Read More

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