The price of Modi's economic incompetence.

With India now in its 75th year of independence, perhaps the biggest disappointment has been the country's failure to become an economic powerhouse. In more confident times, back in 2019, Prime Minister Narendra Modi had spoken of building a $5 trillion Indian economy by 2025. But with three years to go, and India's GDP currently $3.1 trillion, it is difficult to find anyone who still believes he can achieve this goal. India was supposed to benefit economically from what Modi called the country's "3D" advantage - demographics, democracy, and demand. In particular, India would reap a "demographic dividend" owing to its youthful population: the median age in...