India was emerging from a pandemic-induced recession last year, celebrating its position as the world's most populous country and fastest-growing major economy. However, recent data shows a slowdown in growth, with a drop in the stock market and a weakening rupee, raising concerns among a newly affluent middle class. Modi's government must now contend with an adjusted outlook, as growth dipped from 8.2% to a projected 6.4% for the current fiscal year, highlighting underlying economic challenges despite prior achievements.
A year ago, India was bouncing back from a recession caused by Covid-19, overtaking China as the most populous country and declared the fastest-growing major economy.
India displaced Britain as the world's fifth-biggest economy in 2022 and is expected to surpass Germany soon, but has recently revealed economic vulnerabilities.
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