Indian economy slows down as stock market and rupee dip

India, the world’s fastest-growing major economy, has lost some of its momentum.

A recent stock market dip wiped out six months’ worth of gains, and the rupee is falling against the dollar. The revised GDP outlook for the current fiscal year is 6.4%, down from 8.2% last year, and overseas investors are fleeing. Businesses are facing regulatory burdens and political interference, The New York Times reported, and the economy is struggling to create jobs.

Meanwhile, the government’s efforts to transition away from coal are faltering: New Delhi is pouring billions into solar megaprojects, but these efforts are ensnared in land ownership disputes and regulatory holdups, with plans repeatedly delayed or canceled, the Financial Times reported.