Finance Ministry somewhat closer to reality

In its monthly report for March, the Union finance ministry says the economy appeared to have slowed slightly in 2018-19. This is good news — not the slowing but the ministry recognising the reality. A departure from its state of denial and signifies the first essential step for solving a problem — admitting there is a problem.

The report identifies the proximate factors responsible as declining growth of private consumption, tepid increase in fixed investment and muted export rise.

In its February report, the ministry had said growth was consumption-driven in recent years and growth in consumption was unyielding. Its March report