Growth prospects dim

Eight months ago, in “Some macroeconomic musings for 2019” (Business Standard, 10 January, 2019) I speculated “it is likely that economic growth will remain below 7 per cent, possibly closer to 6 per cent, in the coming year”. At that time I was upbraided by some fellow members of the economists tribe for being too pessimistic, since most contemporary projections (domestic and international) were indicating 7-8 per cent growth for 2019 or 2019/20.  As recently as this July, the Economic Survey projected 7 per cent GDP growth for 2019-20 and the Budget numbers implied 8 per cent. And, in early

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