Economy Series

Earlier girls used to blindly marry boys from families of diamond merchants. Now the invisible board outside every girl’s house is: diamond dealers needn’t apply, says Maganbhai V Patel, secretary of the Diamond Market Association of Ahmedabad.

To understand the current slowdown in Indian economy, look no further than the Gujarat model of recession. The state once touted as the beacon of vikas (development) is now showing classical signs of a systemic slowdown.

Indians are not buying homes, cars or flight tickets. Big deal, you’d say, arguing that the real estate market was a bubble waiting to burst and the rest of the expenses are discretionary. But, the problem with the Indian economy at the moment is that people are buying absolutely nothing—not even cheap biscuits, not even underwear.