Paying the price for governance failures

The industrial production index was 170.3 in 2011-12. Two years later, the index for the first 11 months of 2013-14 stands fractionally lower, at 170.0. If we go by the index, we have had zero industrial growth compared to two years ago. The manufacturing sub-sector of "industry" has seen zero growth or a fall in output in 15 of the last 24 months, and less than three per cent growth in seven more months. In only two of these 24 months did output growth cross three per cent. In a second sub-sector, mining, the index has dropped to a level (126.3 in February) lower than the 130.5 that it was four years earlier, in February 2010.

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