Never mind Europe, worry about India

The economic slowdown in India is one of the world’s biggest economic stories, but it is commanding only a modicum of attention in the United States. It may not even look like a slowdown because by developed standards, India’s growth — estimated by the International Monetary Fund at 6.9 percent for 2012 — is still strong. But a slowdown it is: the economy has decelerated from projected rates of more than 8 percent, and negative momentum may bring a further decline.

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