Making sense of the GDP revisions

Revisions to India’s GDP data suggest that the recent slowdown started earlier, and problems in the shadow banking sector have had a more acute impact on the economy, than previously thought. But arguably the most worrying aspect of the new data is that the latest numbers show little sign of the slowdown abating, despite significant policy loosening. Taken at face value, that raises the likelihood that economic weakness has been at least in part due to structural factors.