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As the freshly mandated National Democratic Alliance government prepares its first Budget, it confronts a daunting set of macroeconomic challenges, with every key macro indicator (except, importantly, inflation) flashing amber or red:
• Recently released official data show that GDP growth slowed markedly in the final quarter of 2018-19 to 5.8 per cent, the slowest in 20 quarters, thus bringing down the full year growth estimate to 6.8 per cent, the slowest in five years. This confirmed the sharp slowdown signaled earlier by many high frequency indicators such as the Index of Industrial Production, trade statistics, auto and consumer goods
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