No green shoots

Ordinarily, a growth rate of 2.4 per cent in industrial production shouldn't be cause for relief, let alone celebration. It speaks volumes for the state of the economy when such a low number is greeted with some cheer, having exceeded many analysts' expectations. And the January 2013 year-on-year number is somewhat better than the abysmal one per cent growth registered during the April-January period, compared to an already sluggish 3.4 per cent during the corresponding period of the previous year.

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