The latest industrial production figures demand a reformist economic agenda. At 5.6% for May, industrial production grew at the slowest pace in nine months. The slowdown's extent is revealed by last May's figures. Then production grew by 8.5%.
The manufacturing sector, which accounts for 75% of industrial output, slowed from 8.9% to 5.6% over a year. A slowing economy won't be helped by the Mumbai bombing. They reiterate that India faces a clear and present terrorist threat.
It could make already wary investors jittery. But a bigger worry on the economic front is financial turmoil in our biggest trading partner - Europe. Moody's have cut Ireland's credit rating to junk, a week after Portugal's was similarly downgraded.
The Greek contagion is spreading. It'll necessitate another bout of financial bailouts and inevitably belt-tightening throughout the EU.
Now that a new cabinet is in place, it must get to work on the economy. EU finances are beyond the cabinet's ken. What ministers must do is unlock internal sources of productivity by getting on with the unfinished business of economic reform, remove market distorting red tape and fix leaky distribution systems.
That'll bring down overall inflation, which puts many items out of the consumer's reach. Rising interest rates too are dampening demand. These are dangerous signs for a young economy.
Our much-touted demographic dividend can rapidly turn into a liability if the young cannot find gainful employment.
And the best way to do so is to encourage industrialisation. Not only will it provide the basic necessities for life, but in doing so will absorb our large and young talent pool.
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