New Delhi, May 29 -- Going by the latest industrial production data, India's economy hasn't had a great start to the new fiscal year. Growth in output, as measured by the index of industrial production, slowed in April to 2.7% on the base of a year earlier, down from 3.9% in March. Mining output fell last month, while electricity generation grew by only 1.1%. What held up overall production was manufacturing, which saw output rise 3.4%.

imagine Indian manufacturing from the ground up

Thankfully, the capital goods segment outperformed, with its output climbing 20.3% in April, even if this was on a low statistical base.

Overall, the assembly lines of Indian factories still seem to be rolling too slowly. Economic conditions have broadly b...