Modi govt has finally embraced the reality of Indian economy's troubles

One reason the government seems to have embraced reality is that the revenue numbers in the federal budget are now known to have been massively overstated

India’s economic numbers have for some time looked better than the facts warranted, feeding an overconfidence in New Delhi about the country’s prospects. Thankfully, that’s begun to change. The Reserve Bank of India, the International Monetary Fund, investment banks and ratings agencies have all recently cut their estimates of 2019 growth sharply. While some believe India’s official statistics may overstate growth by as much as 2.5 percentage points, even government statisticians are expected to release this week a more sober estimate for GDP growth between January and March of around 5.8%.

The best news is that Prime Minister Narendra Modi’s