NEW DELHI (Reuters) - India's economy likely remained in its deepest slump for nine years in the quarter ending in June, but high inflation and polarized politics leave the country's leaders with limited scope to crank up growth.
Weak demand in the United States and Europe has hit exports of IT services and manufactured goods, but the heaviest toll on the economy is from overspending and the lack of reforms at home - a point made by ratings agencies Fitch and Standard & Poor's, who have threatened to downgrade India's sovereign debt to junk.
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