That sinking feeling

How do you define a recession? Economists will tell you it is when growth turns negative. But others have simpler criteria. For example, corporates tell you they see a recession when they do not feel like investing, adding capacities. That’s the way they have been for nearly a year already. For a mere journalist like me, even simpler, maybe simplistic, criteria work: if you begin to see empty hoardings on the major road arteries of Mumbai, particularly on the 22-mile drive from Sahar airport to the city, you know there is trouble coming. 

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