India’s slow but sure de-industrialisation is worrying
India’s high GDP growth has got policymakers excited but we must not lose sight of our flagging manufacturing sector that needs a major revival for the sake of prosperity and employment
The national accounts data released last month surprised everyone, with India’s gross domestic product (GDP) growth rate clocking a provisional 7.2% in 2022-23. This was higher than the government’s estimates and also that of the Reserve Bank of India (RBI). Buoyed by this data, the chief economic advisor to the finance ministry declared that the economy has fully recovered and that the final estimates may be higher than the provisional ones.