Vital signs failing

The hits just keep on coming. We've had the Standard & Poor's downgrade, a collapsing sensex, an eroding rupee - and on Friday the news that industrial output in March contracted by 3.5%, bringing the average industrial growth rate for the last fiscal year almost as low as it was during the global financial crisis in 2008-09. But the enormity of the negativity surrounding India's economy has even deeper roots than these problems.

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