A poor growth rate is not an immediate catastrophe. Timely measures will help recuperate economic growth, write Anjan Roy and Buddhadeb Ghosh.
There is a sudden change in the air. From merrymaking over economic growth and buoyancy, the mood has suddenly swung into the opposite end. Many are speaking, including some in the government, as if it is edging towards a crash. Neither of these could be true. Neither was the economy flying near the sun nor is it down below the horizon. The swing factor was the revelation that in the last quarter growth clocked at 5.7 per cent. If 7.2 per cent was the expected growth rate for India, 5.7 per cent was not a far cry. Just around an additional one percentage point growth could, after all, be hit without too much of ado.