A challenging economic environment is giving India lemons. Can the government make lemonade? Although winter is a few months away, there is already a chill in the Indian economy because of a slowdown and significant downside risks looming from all quarters, with questions on whether the current economic headwinds are cyclical or structural. To jump-start the economy, the government has Economic growth will center on them, and the biggest infrastructure building will take place there. The output of Indian cities will come to resemble that of cities in middle-income nations (Exhibit 2). In 2030, for example, Mumbai’s economy, a mammoth market of $245 billion in consumption, will be bigger than Malaysia’s today.