Slowing further

The index of industrial production, or IIP, for August is out, and the news isn’t good: 4.1 per cent is lower than expected, and lower too than last year’s 4.5 per cent. Danger continues to gather about the India growth story, clearly. Decomposing the numbers doesn’t make it any better, though it helps us understand what’s going wrong. Last August, mining grew 5.9 per cent; this August, it shrank by 3.4 per cent.

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