The news on the economic front is somewhat disconcerting. The last quarter growth rate has fallen to 3.8%. What is worse, the revenues of Union government in the first quarter are Rs.10, 000 crore below estimates and the fiscal deficit has risen significantly. Two major credit rating agencies have down graded India’s creditworthiness. There are early days yet, and things could improve in the remaining fiscal year. But news from manufacturing sector is not very happy either. In fact, if services sector is excluded, there is stagnation in much of agriculture and industry.