It certainly looks that way. It could be cyclical, of course, but these growth economies are supposed to slow their growth, not actually slow down.
India has a number of structural problems, mostly a dysfunctional political class that makes our look efficient, and corruption that makes Maxine Waters look honest. It’s unclear to what extent that’s related to the current slowdown, if at all. Certainly Citigroup is making that a short-term factor, but then, open societies always look messier than those tidy political systems that Tom Friedman likes and Barack Obama wishes he could be President of.