 "Quick fixes won't solve growth problem")
The National Statistics Office data paints a grim picture of the economy. Nominal growth in the economy slumped to a multi-decade low of 6.1 per cent in Q2 FY20. It had stood its ground even in the aftermath of demonetisation and the goods and services tax (GST) roll-out (Chart 1). The September quarter gross domestic product (GDP) grew at 4.5 per cent in real terms (accounting for inflation).
Gross value added (GVA) in manufacturing contracted by 1 per cent, both in nominal and real terms, with the former shrinking faster (Chart 2). This represents a deflationary situation in the industry, and
