Economic Slowdown in India

India's economic output has experienced a noticeable deceleration, with real GDP growth now at a compounded annual growth rate of just 4.8%, contrasting significantly with the nearly 7% growth rate seen since the 1991 economic reforms. This slowdown reveals underlying issues, particularly that governmental and private sector spending, which together constitute a substantial portion of GDP, have not kept pace with necessary growth. The primary driver of the economy, personal spending, has stagnated, impacting businesses' willingness to invest in new capacities, which further compounds the stagnation. Experts indicate that achieving the goal of becoming a developed economy by 2047 would require consistent growth rates of 9-10%, highlighting the urgency for strategic economic interventions.