Finance Minister Nirmala Sitharaman has sought to defend the government’s record by claiming multiple greenshoots are visible in the economy. But other than nascent recovery in manufacturing, none of the other indicators point towards any obvious upturn. The government can’t just talk up the economy to make it grow faster.
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Official pronouncements on the economy tend to be taken with a little rock salt. The best way to change the mood and sentiment, of households and businesses, is for them to see gradual improvement in the high frequency indicators that people now rely on more than statistics. Sale of cars, trucks, two wheelers, representing manufacturing, power consumption, bank credit, air travel, hotel occupancy, more footfalls in shopping malls.