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Advance GDP estimates and gross value added (GVA) for the current fiscal year from the Central Statistics Office clearly reveal the extent of the slowdown.


And as the Chief Statistician emphasised, these projections were based solely on data from the first seven months through October and do not factor in the impact from the withdrawal of high-value banknotes and the consequent cash crunch.

More worryingly, the seven-month numbers establish that two key engines of the economy, manufacturing and services, are losing momentum faster than was anticipated, and this could spell trouble for the coming quarters.

This is especially so when seen in the backdrop of demonetisation and what the Reserve Bank of India referred to as the “short-run disruptions in economic activity in cash-intensive sectors such as retail trade, hotels & restaurants and transportation, and in the unorganised sector” and “aggregate demand compression associated with adverse wealth effects”.

The improvement in rainfall has manifested both in the CSO’s projection for the ‘agriculture, forestry and fishing’ sector, which is estimated to expand 4.1 per cent this fiscal compared with the previous period’s 1.2 per cent, and in rabi sowing data from the Ministry of Agriculture.

If farmers countrywide can tide over the acute cash shortage resulting from demonetisation and ensure that the sowing translates to strong growth in output, we could see rural consumption provide some cushioning from the slowdown.

Nonetheless, in the Union budget due next month, the Centre will have to work in a substantial fiscal fillip to help rekindle economic momentum.

The move to make New Delhi’s iconic Connaught Place a pedestrian zone from February, and keep out cars and other vehicles from its middle and inner circle roads, during a three-month trial programme is an inspiring attempt to reconquer public space.

Urban design in India is the preserve of State governments and local bodies, which have failed spectacularly to provide a safe, comfortable and accessible experience for walkers.

Contrary to apprehensions that restrictions affect commercial activity, the experience around the world has been quite the opposite: better walking and public transport infrastructure and availability of food plazas attract more people, improving the local economy.

Keeping powered vehicles out of core areas, expanding pavements for pedestrians and facilitating the use of bicycles is today a high-priority goal for mayors and urban governments the world over.

Union Minister for Urban Development M. Rrb regional rural bank Venkaiah Naidu has favoured people-centric ideas for Connaught Place, including aesthetic features such as water fountains and areas for relaxation.