It is quite possible that the macro-economic news will get better from now on, as the shock waves caused first by demonetisation and then by the goods and services tax (GST) subside into ripples. Quarterly growth rates will improve, companies will start reporting better results (indeed, they already have), the manufacturing sector will begin to do better, and exports might sustain their recent recovery. If all of this happens, the government will not need to be quite as defensive as in recent months. Indeed, if the numbers climb as expected, you should expect Mr Modi to throw a flurry of
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