A man takes a nap laying on a road divider in the old quarters of New Delhi on November 29, 2019. Picture: JEWEL SAMAD / AFPThe hunt for work becomes more desperate every day on Delhi’s street-corner labour markets as India’s economic slowdown bites deeper, piling pressure on Prime Minister Narendra Modi just half a year into his second term.
His monthly income has slumped from about $350 to $140 in the past three years. He is at least still earning. The unemployment rate, about 8.5%, has hit a four-decade high in the past two years. Last week, official figures showed the economy grew just 4.5% in the second quarter, the slowest rate in six years. Modi’s right-wing government is struggling to convince the public that it has the answers to the slowdown.
Finance minister Nirmala Sitharaman has announced reforms, including easing restrictions on foreign investment and cutting corporate taxes. But that does little to boost public confidence in a country where hundreds of millions live barely on poverty wages.
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