The present condition is a consequence of a serious design fault in economic policymaking.
The Indian economy is expected to have grown at just around 4.5% in the first quarter (April-June) of the current fiscal. The actual data will be released later this week. At 4.5%, the growth in the gross domestic product (GDP) will be lower than the lows of 4.7% attained in the third quarter of the last fiscal. With no visible sign of a turnaround, even 5.0-5.5% growth target for the full year now looks difficult to achieve.
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