Investing in animal spirits

For those, including RBI, who are still looking for more proof that India’s investment-led growth is shrinking, the latest import data is revealing. Non-oil imports for June have declined by 25%, on top of a 16% negative growth in May. If this trend continues, India will surely end up with a GDP growth of around 6% or even less in the current fiscal as compared with 6.5% in 2011-12.

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