Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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-Business Standard&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;
&lt;br /&gt;
Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;
&lt;br /&gt;
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Business Standard&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;&lt;br /&gt;Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;&lt;br /&gt;The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot; title=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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&lt;br /&gt;
Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;
&lt;br /&gt;
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

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Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

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                <strong>Economic growth problem: It&#039;s time now for Modi-II to undo the damage -TN Ninan</strong></h1>
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                <div align="justify">-Business Standard<br /><br /><em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br /></em><br />There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br /><br />Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br /><br />The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br /><br />Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter" title="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br /></div>               </font>
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-Business Standard&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;
&lt;br /&gt;
Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;
&lt;br /&gt;
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;
&lt;br /&gt;
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Business Standard&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;&lt;br /&gt;Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;&lt;br /&gt;The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot; title=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that...&#039;
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

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                <strong>Economic growth problem: It&#039;s time now for Modi-II to undo the damage -TN Ninan</strong></h1>
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                <div align="justify">-Business Standard<br /><br /><em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br /></em><br />There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br /><br />Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br /><br />The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br /><br />Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter" title="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br /></div>               </font>
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-Business Standard&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;
&lt;br /&gt;
Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;
&lt;br /&gt;
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;
&lt;br /&gt;
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Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Business Standard&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;&lt;br /&gt;Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;&lt;br /&gt;The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot; title=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Economic growth problem: It&amp;#039;s time now for Modi-II to undo the damage -TN Ninan&#039;,
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-Business Standard&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &amp;mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&amp;rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.&lt;br /&gt;
&lt;br /&gt;
Yet, many numbers tell us that today&amp;rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &amp;mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.&lt;br /&gt;
&lt;br /&gt;
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&amp;rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that...&#039;
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that..."/>
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                <strong>Economic growth problem: It&#039;s time now for Modi-II to undo the damage -TN Ninan</strong></h1>
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                <div align="justify">-Business Standard<br /><br /><em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br /></em><br />There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br /><br />Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br /><br />The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br /><br />Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter" title="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br /></div>               </font>
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-Business Standard<br />
<br />
<em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br />
</em><br />
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br />
<br />
Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br />
<br />
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br />
<br />
Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br />
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Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that...',
	'disp' => '<div align="justify">-Business Standard<br /><br /><em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br /></em><br />There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br /><br />Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br /><br />The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br /><br />Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter" title="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br /></div>',
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	'title' => 'Economic growth problem: It&#039;s time now for Modi-II to undo the damage -TN Ninan',
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-Business Standard<br />
<br />
<em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br />
</em><br />
There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br />
<br />
Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br />
<br />
The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br />
<br />
Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br />
</div>',
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-Business Standard

Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan

There is a general sense that...'
$disp = '<div align="justify">-Business Standard<br /><br /><em>Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan<br /></em><br />There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did &mdash; for example, through the continuing fallout of the collapse 11 months ago of IL&amp;FS. That was about the time when the decline in automobile sales began. Similarly, Jet&rsquo;s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable.<br /><br />Yet, many numbers tell us that today&rsquo;s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent &mdash; affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative.<br /><br />The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector&rsquo;s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on.<br /><br />Please <a href="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter" title="https://www.business-standard.com/article/opinion/economic-growth-problem-it-s-time-now-for-modi-ii-to-undo-the-damage-119082301231_1.html?code=ZEZBMmxpbVJKSldIdXZ0Z1lPUGxOM3lkalQvWmdvbWJZMjVVaFczOFk0WT0%3D&amp;fbclid=IwAR3n0a4cgeEzmnWHO_TU-LnkDkQPywvnZcPtou8ApMPByuBJic-4bfkr2qY#.XWAvRx2rREo.twitter">click here</a> to read more. <br /></div>'
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Economic growth problem: It's time now for Modi-II to undo the damage -TN Ninan

-Business Standard Aiming for unachievable growth rates would compound past errors. The economy has to lower its sights, and do some hard thinking about how to come out of the present hole, writes T N Ninan There is a general sense that the economic growth problem came upon us suddenly in the last few months. In some ways, it did — for example, through the continuing fallout of the collapse 11 months ago of IL&FS. That was about the time when the decline in automobile sales began. Similarly, Jet’s collapse in April sent up air fares and applied the brakes on what until then was rapid growth in air traffic. In a sense, therefore, the burdens hanging heavy on current GDP numbers are stochastic: The result of random events in different market segments, and hence not predictable. Yet, many numbers tell us that today’s denouement could have been seen coming. During the five years of Modi-I, the net sales of 2,769 non-financial companies tracked by Capitaline increased by a modest 34.5 per cent, even as their net profits increased by an even more modest 20.6 per cent (less than inflation during this period). Most tellingly, assets increased hardly at all over the five years, by just 3.5 per cent — affected, it would seem, by the bankruptcy process because 2018-19 saw a precipitous decline in private sector assets. These growth rates do not support the official 7.5 per cent growth narrative. The major source of the problem is clear when one looks at the only corporate number which has improved over the five years: The debt-equity ratio. For the private sector this number fell from 1.13 to 0.80, while the public sector’s ratio remained more or less unchanged, moving from 0.74 to 0.77. If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on. Please click here to read more.