Storm clouds are gathering over the Indian political economy, both internally and externally. The external clouds are more obvious, with rising energy prices due to two unending wars and the US effort to browbeat India over buying Russian oil looming large, to name just two. But internally too we could see a policy/reform slowdown as one more election cycle is upon us, this time including the all-important state of Uttar Pradesh.

The fierce opposition to Chief Election Commissioner Gyanesh Kumar will also heat things up politically. This means that any tough decision that will impact voter sentiment may be avoided, and........

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