Investment atrophy

The scaling down of last fiscal’s GDP growth to 4.5 per cent, from the earlier 5 per cent estimate, could well be the precursor to an equally depressing set of national income data figures for 2013-14. But even the 4.5 per cent number, low though it is, fails to capture the real crisis that relates to gross capital formation (GCF): the stock of fixed assets added to an economy and contributing to its future production growth.

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