Debatable as the analytical utility of quarterly GDP statistics in India may be, the continuing drop in growth rates as recently reported for the December quarter surprised no one: If anything the magnitude of the drop was larger than expected. Over the last several months, economic momentum has steadily worsened, as measured by the growth of monthly sales of largely formal sectors.
Even the decline in prices of crude oil did not provide the relief that was expected by many. Growth in the current quarter is projected to slow further. Is this the new normal? Far from it; there are too ...
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