The economy seems to have 'slowed' earlier than most forecasters expected, and even before the funding freeze for non-banking financial companies (NBFCs) started hurting economic momentum. Most believed that this year would be a mirror image of the previous financial year, which had a very weak first half (disruptions caused by demonetisation and GST had pushed economic growth down to 6 per cent), and a stronger second half (7.4 per cent growth as the economy started to normalise). So, economists had pencilled in a strong first half in this financial year, helped by the ‘base effect’, and a slightly weaker
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