Stable but critical

The index of industrial production (IIP) numbers for February 2013, published last Friday, showed the sector as a whole growing by a tiny 0.6 per cent over February 2012. In most circumstances, this would have been the cause for widespread handwringing and lamentation. But in today's India, the response was more one of relief than one of shock. This was because a large majority of analysts expected growth to be negative.

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