Right now India is a demand constrained economy. Fiscal stimulus and measures to ease credit crunch--some form of megha bailout for NBFCs needed. Someone needs to be Draghi here and say, whatever it takes. The downward spiral must be arrested right now. Sitting and waiting.....

....for things to improve on their own will be disastrous. They will not. I have been saying this since 2015.

India is now in danger of falling into the LATAM low growth trap at much lower income levels. If you follow Washington-IMF policies of tight fisc,. inflation targeting, plus "reforms," you end up like Mexico.