Future imperfect

For anyone tracking the indices of industrial production, there is little that is surprising in the gloomy findings of the Crisil Research report. For 10 of the last 14 months, the rate of capital formation has been negative in the monthly score card of industrial production. The latest RBI data on credit offtake from the banking sector shows a dip to 16.5 per cent. Combine the two and the result is the same as that thrown up by the Crisil poll.

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