From Underwear to Cars, India’s Economy Is Fraying [The New York Times]
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Source: The New York Times
From Underwear to Cars, India’s Economy Is Fraying - The New York Times TIRUPUR, India — When Alan Greenspan ran a consulting firm and wanted to know where the economy was headed, he would often look at sales of men’s underwear Mr. Greenspan, who later served as chairman of the Federal Reserve, believed that when times were tough, men would stop replacing worn-out underwear, which no one could see, before cutting other purchases. By that measure, India is in a serious slump. “Sales are down 50 percent,” said Jeffrin Moses, gesturing toward the boxes of cotton briefs and tank tops bulging from the shelves of the Tantex undergarment emporium in Tirupur, the southern city where most of the country’s knitwear is made. It’s not just underwear. Car sales plunged 32 percent in August teamed up with President Trump laid off 400 employee Families are even skimping on the 7-cent packets of Parle biscuits that are a staple of India’s morning milk and tea. They are turning instead to even cheaper
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