THE news about the economy has been continuously dismal in the past few days. All the data coming in shows that the economic slowdown has accelerated after demonetisation and the country is headed for a recession.
First came Volume II of the Economic Survey which presented a gloomy picture of the overall economy. The growth rate of real Gross Value Added was 6.6 per cent for 2016-17 compared to 7.9 per cent for the year 2015-16. The fourth quarter growth of GVA i.e., January to March this year was just 5.6 per cent.