INDIA is in the grip of a deep economic crisis, the depth of which is being under-estimated by mainstream media, apologetic economists and, of course, by the ruling government itself. What is officially known and analysed are things like the dip in economic growth (it is down to 5 per cent), declining investment, stagnating bank credit, fall in private consumption expenditure and other such macro-economic indicators. These are important and must be analysed because they prick the dream balloon of India becoming a superpower with a $5 trillion economy in the near future.