New India government suffers double economy hit

Prime Minister Narendra Modi's new government suffered a double economic blow of slowing growth and rising unemployment as it took office Friday. Modi named Nirmala Sitharaman as his new finance minister in a drastically revamped Hindu nationalist administration after winning a second straight landslide in the April-May election. It means India has lost its place as the world's fastest growing major economy to China, which had 6.4 percent growth in the first quarter.

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