The induction of Raghuram Rajan as Chief Economic Advisor seems to have injected a note of sobriety in the workings of the finance ministry. If last year’s Economic Survey and the Union budget painted a rosier picture of the economy than was warranted, this year’s survey, released today to Parliament, is more circumspect about its projections. Last year Pranab Mukherjee airily projected GDP growth “in 2012-13 to be 7.6 percent, +/- 0.25 percent.” We now know that it could be as low as 5 percent.