By Tihir Sarkar, Nallini Puri and Surya Kiran Banerjee ( August 8, 2019, 2:24 PM EDT) -- The Indian government announced its budget for the 2019-2020 financial year in early July in the midst of significant economic headwinds. Growth in India is down to 6.8%, the slowest pace in five years, unemployment has been on the rise and credit conditions are tight owing to governance failures at large nonbanking financial companies that are an important constituent of the Indian financial system. This is in addition to the broader pressures exerted by global economic events, with a further slowdown forecast for the global economy in 2019, in response to which the U.S. Federal Reserve recently announced its first interest rate cut since the financial crisis....