India's Misery Index at elevated level

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It should come as no surprise that economic misery is rising in India. The misery index is calculated as the sum of the unemployment rate and the inflation rate. In the absence of unemployment data, Nomura estimated India's misery index as the difference between CPI inflation and industrial production. In this current stagflation-type scenario, the misery index is at an elevated level. In the past two decades, there have been a few episodes when the misery index was higher than it is currently, but most of these episodes were short-lived.