Some commentators argue the economy is in a recession; others disagree, saying growth is decelerating. Unemployment was reported higher on trend basis by the NSSO and the Centre for Monitoring Indian Economy surveys. Private consumption got a real-income boost from the positive terms-of-trade with the oil-commodities bust in late 2014. Their borrower corporate counterparts still remain overleveraged as monetary policy never eased and/or transmitted sufficiently to lower interest costs. Monetary policy has turned ineffective: the policy rate cuts pass-through to banks is limited, restricted to new borrowers in some segments.

Source: The Telegraph October 21, 2019 21:56 UTC