The Economy

Economic slowdown: Manufactured crisis

Print edition : November 22, 2019

Daily wage labourers waiting for work in the walled city area of Old Delhi in October. Photo: Sushil Kumar Verma

Cars parked at a dock at the Chennai Port Trust, an August 23 photograph. Automobile sales in India witnessed its worst-ever drop in August as the sector reeled under an unprecedented downturn. Photo: R. Senthil Kumar/PTI

Going by the data put out by the RBI and other government agencies, the present slowdown is not a “soft patch”, not even “cyclical”, but substantially “structural”, mostly because of wrong policies, including demonetisation.
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