High food prices, a currency in free fall, battered investors and slowing growth: India is facing a host of problems that have taken away the sheen from an economy that's had a decade of mostly strong growth.
Some of those problems are also hitting other key emerging markets, including Brazil, China and Russia. These so-called BRIC countries have been critical to driving the global economy in recent years, and they generally fared better than most other nations during the global economic downturn that hit in 2008.
They are all still growing, but not at rates they have been accustomed to.
Meanwhile, some of the world's developed countries, which were hard hit in recent years, are showing signs of life. The U.S. is growing, and the European Union and Japan are doing a bit better as well.
Here's a look at the shifting economic fortunes:
India
India, Bloomberg noted in an opinion piece, faces "a crisis of credibility." The process of economic reform that began in the 1990s, it said, "has ground to a halt." Corruption, red tape and subsidies are only one part of the problem.
India faces serious structural problems: As Mark Mobius of the investment firm Franklin Templeton told GlobalPost: "The surprising thing is the government doesn't seem to be acting with any degree of urgency."
Brazil
Recent protests reflected the frustrations many felt at rising prices and a slowing economy. The Wall Street Journal reported that Brazil would "remain a drag on the rest of the world for the next few years."
"The economy remains reliant on consumption, mainly fueled by credit, both of which are showing signs of exhaustion. Industry remains stagnant, and, for the last four months, unemployment has crept up from historical lows. Most worryingly, the hefty investments needed to overhaul Brazil's ramshackle infrastructure aren't coming through," the Journal said.