RBI: Time for Introspection

India has now had a full year of growth below 6%. During the year ended June 30, 2012, India grew 5.9%. During the second half of this year, growth was even lower at 5.4%. Compare this growth with the average growth of 8.25% during the immediately preceding year ended June 30, 2011 - a solid 2.35 percentagepoints have, thus, been shaved off the annual growth rate. The decline is even sharper if we compare this growth to the last quarterly peak of 9.2% during the first three months of 2011.

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