India's Flagging Economy Brings Dire Warnings Of Recession

Economists said that might be too little, too late.

Prime Minister Narendra Modi came to power in a euphoric wave of guarantees to enhance India's market, add countless jobs and deliver "great times" to the developing nation.

Three decades later, India's economic prospects seem decidedly grimmer. India's economic expansion has shrunk to its lowest level in 3 years. Small businesses are struggling, as well as shutting down, even following overhauls of the country's currency and sales tax system. Modi's allies warn of a dire outlook, with some increasing the specter of an economic downturn.

The warnings have been sobering for Modi, who appointed a fresh Economic Advisory Council this week to offer him advice independent of the finance ministry.

Economists said that might be too little, too late.