Demand remained muted despite the largely Covid-free festival season in Q3

Growth in private final consumption expenditure was down 7 percentage points from Q2

The numbers are telling. The festival season that came as the Covid shadow receded, too, could not bring cheer to the economy this financial year.

Growth in private final consumption expenditure (PFCE), denoting demand in the economy, declined to just two per cent in the third quarter (October-December). This was a sharp dip from the nine per cent in the second quarter and 20 per cent in the first.

This played a significant part in pulling economic growth down to 4.4 per cent in the third quarter against 6.3 per cent in the second and 13.2 per cent in the