Parliament has been summoned to meet on November 26, 2015. The state of the economy requires more than a summons to the members of Parliament. Contrary to what the government’s ministers may say in public—and more in line with what some ministers, many officials and practically all businesspersons and bankers say in private—the economy is in poor shape. The tell-tale sign is the flat growth rate: 7.3% in 2014-15, 7.0% in Q1 of 2015-16, and the forecast of 7.3% for the whole of 2015-16. Disappointing indicators - Let’s look at the usual indicators: Q2 (June to September) 2015 was the third successive quarter in which net sales of all firms shrunk by 5.3% over Q2 of 2014-15. The manufacturing...
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