Bumps Ahead ; The economy is slowing down, but the long-term story remains intact.
Business Today, December, 2007 by Amit Mukherjee; Balaji Chandramouli; Bibek Bhattacharya; E. Kumar Sharma; K.R. Balasubramanyam; Kushan Mitra; Mahesh Nayak; Manu Kaushik; Pallavi Srivastava And Anand Adhikari; Shalini S. Dagar; Shamni Pande; Rishi Joshi
Bumps Ahead
The economy is slowing down, but the long-term story remains intact.
By Rishi Joshi
These are early days yet, but there are signs that the appreciation of the rupee and the Reserve Bank of India's tight monetary policy, which is resulting in higher interest rates, are hurting overall economic growth. The economy seems to be showing signs of wear and tear; the latest Index of Industrial Production (IIP) data for September are disappointing. IIP growth is down to 6.4 per cent, compared to 12 per cent last September. This is the slowest industrial growth recorded since October last year, when the index rose 4.5 per cent. The main culprit is the manufacturing sector, which decelerated to 6.6 per cent compared to about 13 per cent in September last year....
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