A new low for growth

The picture is much worse than the 4.5% headline number

It is an ironic indication of how sentiment has become negative about the immediate future of the Indian economy that even a 26-quarter low figure is being seen by some observers as something of a relief. India’s gross domestic product (GDP) growth for the second quarter of the ongoing fiscal year is only 4.5 per cent — the lowest it has been in at least six years. Even growth at current prices is only 6.1 per cent. There is little doubt that the Indian economy is in the midst of a slowdown, one that appears to be driven by both