Distress call

The last time industrial output was in the red was June 2009. We'd been hit by the post-Lehman global meltdown. India did weather that storm but the rebound's gains have been squandered, courtesy shocking policy drift and choked reforms. Nothing demonstrates this better than factory output re-entering the negative zone. October saw a 5.1% contraction, indicating that industrial growth is decelerating faster than we feared. But even before this plunge, IIP's southbound trend stoked serious worry about the impact on overall GDP growth.

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