India’s economy stumbles badly as Narendra Modi begins his second term

New Delhi (CNN Business)Narendra Modi just won a second term as prime minister of India. His most urgent task will be getting the country’s economy back on track. Yet growth has eroded over the past three quarters after hitting 8% in the middle of 2018. Another set of figures released on Friday revealed that India’s unemployment rate hit 6.1% in the fiscal year ended 2018 — reportedly the country’s highest in over four decades. An estimated 12 million young Indians join the workforce every year, and the country needs to grow much faster in order to provide jobs for all of them. The mammoth task of reversing the slump will fall to India’s new Finance Minister Nirmala Sitharaman, who took …