What a hard landing for the manufacturing sector means

What a tumultuous month August has been! A plunging currency, rising inflation and, on the last working day of the month, disappointing news on the growth front. To be fair, no one was expecting the economy to look up in the first quarter. Still, gross domestic product (GDP) growth at 4.4 per cent, despite a spending push from the government, was a big disappointment. With no scope for a fiscal stimulus, interest rate cuts a near impossibility, and a vitiated environment for private sector investment, the hope of an early economic revival is fast evaporating.

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