{"id":375859,"date":"2024-04-10T15:10:11","date_gmt":"2024-04-10T09:40:11","guid":{"rendered":"https:\/\/zerodha.com\/z-connect\/?p=375859"},"modified":"2024-04-10T15:10:11","modified_gmt":"2024-04-10T09:40:11","slug":"its-the-economy-stupid-2-slow-2-sedate","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate","title":{"rendered":"It\u2019s the economy, stupid! 2 slow 2 sedate"},"content":{"rendered":"<p><em>We love India Data Hub\u2019s weekly newsletter, \u2018<a href=\"https:\/\/indiadatahub.substack.com\/\">This Week in Data<\/a>\u2019, which neatly wraps up all major macroeconomic data stories for the week. We love it so much, in fact, that we\u2019ve taken it upon ourselves to create a simple, digestible version of their newsletter for those of you that don\u2019t like econ-speak. Think of us as a cover band, reproducing their ideas in our own style. Attribute all insights, here, to India Data Hub. All mistakes, of course, are our own.<\/em><\/p>\n<hr \/>\n<p>At long last, it\u2019s over. We\u2019ve now gone into the RBI Monetary Policy Committee\u2019s (MPC) impending decision on repo rates for several editions on the run. Finally, last week, it conducted its long-awaited meeting. Its decision? Do <em>nothing<\/em>.<\/p>\n<p><strong><em>Aayein<\/em>?<\/strong><\/p>\n<p>First, let\u2019s recap what we\u2019ve been through <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/this-week-in-data-for-dummies-monetary-policy-consumer-confidence-china-deflation-and-more\">here<\/a> and <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-money-enters-india-but-not-its-government\">here<\/a>. Quickly:<\/p>\n<ul>\n<li>The RBI controls the amount of money going into India\u2019s economy.<\/li>\n<li>A lot of fresh money enters the economy through bank loans. Banks, in turn, must get the money they loan out from somewhere. The RBI\u2019s repo rate sets the cost they pay for additional money.<\/li>\n<li>There are only so many things one can spend money on in the economy. When more money enters the economy than things that you can spend on, all that new, extra money chases the same few things there are to buy. That is, prices increase.<\/li>\n<li>Conversely, when interest rates are too high, people must pay through their nose to take a loan. Naturally, they\u2019re reluctant to do so. Economic growth takes a hit.<\/li>\n<li>The RBI\u2019s job is to curtail prices, or inflation, while ensuring that there is enough money going around. Currently, inflation is down from its peak, but has been a little stubborn. Meanwhile, the economy is growing well, even though its momentum may have flagged a little off late. One should expect rates to be cut soon-ish, but there\u2019s no telling when.<\/li>\n<\/ul>\n<p>Those are the basics you need. Now to last week\u2019s meeting.<\/p>\n<p><strong>Is this even a big deal? Wasn\u2019t it that <em>nobody<\/em> thought any rate cuts would happen this week?<\/strong><\/p>\n<p>Yeah. And they were right. The MPC hasn\u2019t moved rates around at all. Just like it didn\u2019t in its last many meetings, as this graph will tell you.<\/p>\n<p>(For reference, the MPC meets once every two months, roughly speaking.)<\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-375860 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/1.jpg\" alt=\"A chart mapping RBI repo rates since April 2022\" width=\"690\" height=\"455\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/1.jpg 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/1-300x198.jpg 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/1-1024x676.jpg 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/1-768x507.jpg 768w\" sizes=\"auto, (max-width: 690px) 100vw, 690px\" \/><\/a><\/p>\n<p>No surprises there&#8230; except one: people thought the MPC would at least tell the world that it was <em>thinking<\/em> about rate cuts. The markets would take this into account and ready themselves for one before the MPC&#8217;s next meeting, in June. That\u2019s when the actual rate cuts would happen. The markets would be prepared for this possibility, and take them in their stride. It would all be smooth, people imagined, like clock-work.<\/p>\n<p><strong>Let me guess. That didn\u2019t happen?<\/strong><\/p>\n<p>No, it didn\u2019t. Instead, the MPC merely doubled down on its commitment to fighting inflation. In its words:<\/p>\n<p style=\"padding-left: 40px\"><em><span style=\"font-size: 10pt\">\u201cMonetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission.\u201d<\/span><\/em><\/p>\n<p>Of course, there\u2019s nothing that stops the RBI from slashing rates anyway in June. It doesn\u2019t <em>have<\/em> to tell markets anything. But, at least as things stand today, it probably will. There\u2019s simply no need for it to spring surprises and throw people off their guard.<\/p>\n<p>If this is correct (and we\u2019re just gazing into crystal balls, here), the earliest we should expect a rate cut is at the MPC\u2019s meeting in August. The meeting before that &#8211; in June &#8211; will probably be used to tell the markets about a change in its intent.<\/p>\n<p>Or maybe it just does nothing again.<\/p>\n<p><strong>What\u2019s the deal, though? What\u2019s on the RBI\u2019s mind?<\/strong><\/p>\n<p>For one, the RBI thinks India\u2019s economy is pretty strong right now. The MPC has forecasted robust growth of 7% this financial year. While that\u2019s a little lower than last year\u2019s 7.6%, it\u2019s still pretty great. With things going this well, the RBI feels no pressure to push the economy higher by cutting rates.<\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/2-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-375861 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/2-1.png\" alt=\"\" width=\"705\" height=\"464\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/2-1.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/2-1-300x197.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/2-1-1024x674.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/2-1-768x505.png 768w\" sizes=\"auto, (max-width: 705px) 100vw, 705px\" \/><\/a>At the same time, the RBI&#8217;s high interest rates have reigned prices in. The MPC now thinks inflation will come down to 4.5% this financial year, from 5.4% last year. By law, the RBI targets inflation of 4% per year.<\/p>\n<p>And so, to the MPC, things are in perfect balance right now. A robust economy is allowing it to comfortably do its primary task &#8211; of keeping prices in check &#8211; and it\u2019s doing a pretty good job of that. Bottom line: there\u2019s no need to rock the boat.<\/p>\n<hr \/>\n<p>There\u2019s some new high frequency data for March. And it looks a little mixed.<\/p>\n<p><strong>What <em>data<\/em>, again?<\/strong><\/p>\n<p>\u2018High frequency data\u2019. We&#8217;ve been over this before. From <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-of-lungis-and-february-numbers\">last month<\/a>:<\/p>\n<p style=\"padding-left: 40px\"><span style=\"font-size: 10pt\"><em>\u201cThose are little bits of information on the economy that we can gather regularly and quickly.<\/em><\/span><\/p>\n<p style=\"padding-left: 40px\"><span style=\"font-size: 10pt\"><em>Think about it: nobody really understands how an economy is doing. Economies are impossible to grasp. They\u2019re made of billions of transactions \u2013 people buying coffee, or filling petrol in their bikes, or picking up a copy of the day\u2019s newspaper \u2013 each thing, each day, for each person and each business, taken together. If you really want to understand an economy, first, you must know every last thing that happens in the country.<\/em><\/span><\/p>\n<p style=\"padding-left: 40px\"><span style=\"font-size: 10pt\"><em>The best we can do is look at proxies. We take the small trickle of data-points we can get \u2013 the \u2018high frequency indicators\u2019 \u2013 and use them to make whatever conclusions we can. They\u2019re not perfect, but they give us a crude, low-resolution picture of the country\u2019s economic activity.\u201c<\/em><\/span><\/p>\n<p><strong>Mm-hmm. So what does it say?<\/strong><\/p>\n<p>We\u2019ll start with vehicle sales. From <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-of-lungis-and-february-numbers\">last month<\/a>, once again:<\/p>\n<p style=\"padding-left: 40px\"><span style=\"font-size: 10pt\">\u201c<em>People always need vehicles. But vehicles are huge purchases, not made on a whim. People buy them when they have money to spare and feel confident that things look good in the foreseeable future. As a whole, then, Indian automobile sales tell us how good Indians feel about their economic prospects.<\/em>\u201d<\/span><\/p>\n<p>Going by that, Indians weren\u2019t feeling too confident about their prospects in March. Here\u2019s what we saw:<\/p>\n<ul>\n<li>Passenger vehicles (that\u2019s cars, utility vehicles and the like) aren\u2019t doing too well. This March, sales were 9% lower than in March 2023. This was the first time that sales fell, year-on-year, since July 2022.<\/li>\n<li>Two-wheelers saw tepid growth in March as well &#8211; of a mere 1% over March 2023. For context, they were growing in the double digits for four straight months before that.<\/li>\n<li>Tractor sales fell by 5% in March, compared to March last year. That, too, came after two straight months of double-digit growth.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-375862 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/3.jpg\" alt=\"\" width=\"734\" height=\"485\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/3.jpg 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/3-300x198.jpg 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/3-1024x677.jpg 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/3-768x508.jpg 768w\" sizes=\"auto, (max-width: 734px) 100vw, 734px\" \/><\/a>On the other hand, the data on power generation is a little more heartening.<\/p>\n<p>There&#8217;s a lot that simple power generation can tell you about an economy. You need power to run all sorts of things &#8211; offices, factories, machines &#8211; you name it. If India needs more electricity, Indians are probably up to a greater number of useful things.<\/p>\n<p>This March, India generated 9% more power than it did in March last year. That\u2019s a little faster than the 7.5% growth we saw in February.<\/p>\n<p><strong>Is all this green power? Or are we just pumping out more greenhouse gases?<\/strong><\/p>\n<p>It\u2019s certainly not all green power. That\u2019s growing as well, to be fair &#8211; power generation from renewable sources was up by 12% last month, compared to March last year. But we still rely greatly on fossil fuels.<\/p>\n<p>There\u2019s one green(-ish) source of energy that\u2019s clearly taking a beating. Decades after Prime Minister Nehru termed dams the \u201c<a href=\"https:\/\/en.wikipedia.org\/wiki\/Temples_of_modern_India\">temples of modern India<\/a>\u201d, two things are clear. One, <em>temples<\/em> are evidently the temples of modern India. Two, dams aren\u2019t quite as crucial to our electricity generation as he may have hoped.<\/p>\n<p>The use of hydroelectricity has fallen precipitously over the last year. Of the last 13 months, its use has gone down in 12. Over the last year, on an average, hydroelectricity was used 20% less than it was in the year before. The shortfall was met by thermal power, the use of which was 10% higher, last year, than the year that came before.<\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/4.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-375863 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/4.png\" alt=\"\" width=\"703\" height=\"462\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/4.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/4-300x197.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/4-1024x673.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/4-768x505.png 768w\" sizes=\"auto, (max-width: 703px) 100vw, 703px\" \/><\/a><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>Remember how glad we were, <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-of-lungis-and-february-numbers\">last month<\/a>, with India\u2019s sudden growth in services exports in January? Back then, India made so much money selling services that it almost made up for all the things we import from abroad.<\/p>\n<p><strong>U-huh. What about that?<\/strong><\/p>\n<p>Well, the party\u2019s over. At least for now.<\/p>\n<p>This February saw a far more timid growth of 3.5%, year on year (which might look larger than it is, because <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-of-lungis-and-february-numbers\">February had an extra day<\/a> this year). For context, our services exports had grown by 11% in January. Yeah, regressions to the mean are a real party-pooper.<\/p>\n<p>That said, our imports in services only grew slightly, by 1.8%. As a result, our services surplus (that is, exports minus imports) grew by a respectable 6% &#8211; to US$ 13 billion.<\/p>\n<hr \/>\n<p>There are two new stories on inflation, this week. A good one and a bad one.<\/p>\n<p><strong>Can we start with the good one, please?<\/strong><\/p>\n<p>Sure. Europe is en route to bringing inflation back in control after a tumultuous few years.<\/p>\n<p>Europe (or more accurately, the \u201cEurozone\u201d within Europe &#8211; all those folk that use the \u201cEuro\u201d as currency) released surprisingly good inflation data last week. Inflation came down to 2.4% in March, below February\u2019s 2.6% &#8211; possibly because energy became a little cheaper in the month.<\/p>\n<p>To give you a sense of what an achievement that is, look at the graph below. A little more than a year ago, Europe had touched double-digit inflation. It\u2019s now closer to its official target of 2%: which it last met all the way back in June 2021.<\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/5.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-375864 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/5.jpg\" alt=\"\" width=\"715\" height=\"476\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/5.jpg 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/5-300x200.jpg 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/5-1024x681.jpg 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/5-768x511.jpg 768w\" sizes=\"auto, (max-width: 715px) 100vw, 715px\" \/><\/a><strong>Not bad. What\u2019s the bad one, now?<\/strong><\/p>\n<p>Turkey is in a <em>really<\/em> bad place. In March, it saw a 16-month peak in its rate of inflation: 68.5%. You read that right. <em>68.5%<\/em>.<\/p>\n<p>This isn\u2019t a sudden aberration &#8211; Turkey\u2019s has seen absurdly high inflation for a long while. Last March, for instance, its inflation was at 50%. The March before that? 60%. In just three years, things have grown to cost 4 times as much. That is, if a loaf of bread cost 25 lira in March 2021, you can buy it for no less than 100 lira now.<\/p>\n<p>This is just one symptom of a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Turkish_economic_crisis_(2018%E2%80%93current)#\">sustained economic crisis<\/a> for the country, which has lasted for the greater part of a decade.<\/p>\n<hr \/>\n<p>And finally, the US creates yet more jobs.<\/p>\n<p><strong>Great, this again\u2026 I mean, good for them!<\/strong><\/p>\n<p>The American economy created 303,000 new non-farm jobs in March. This is massive &#8211; well over the 212,000 that people forecasted. It\u2019s the most jobs that have been created in any month since May last year.<\/p>\n<p>As an added bonus, they revised the data for January and February. Turns out, while February had created 5,000 fewer jobs than they thought, January had created 27,000 additional jobs. In all, the American economy had created 22,000 more jobs than we thought.<\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/6.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-375865\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/6.png\" alt=\"\" width=\"731\" height=\"483\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/6.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/6-300x198.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/6-1024x677.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/04\/6-768x507.png 768w\" sizes=\"auto, (max-width: 731px) 100vw, 731px\" \/><\/a><\/p>\n<p><strong>So many jobs going around. I wish they gave me one.<\/strong><\/p>\n<p>They definitely have a strong labour market these days.<\/p>\n<p>The US Fed, meanwhile, is mulling over the same questions as the RBI &#8211; should they cut rates to boost the economy, or should they continue pressing inflation down? The fact that America is adding an ever-greater number of jobs will give the US Fed more confidence to pursue the latter, and carry on with its high rates. The markets have taken note &#8211; and are assigning a probability of only slightly more than 50% that there will be a rate cut in June.<\/p>\n<p>Rate cuts by the US, in turn, affect the RBI\u2019s decision on rates: for reasons we\u2019ve explored <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/this-week-in-data-for-dummies-monetary-policy-consumer-confidence-china-deflation-and-more\">before<\/a>.<\/p>\n<hr \/>\n<p>That\u2019s all for this week, folks. Thanks for reading!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don&#8217;t sell, services exports fall, but power generation stays robust. And more.  <\/p>\n","protected":false},"author":242542,"featured_media":372472,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[532],"tags":[698,623,597,647,621,596,301,681,645,699],"class_list":["post-375859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-subtext","tag-automobile-sales","tag-energy","tag-europe","tag-exports","tag-high-frequency-data","tag-inflation","tag-jobs","tag-repo-rate","tag-trade-balance","tag-turkey"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.5 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It\u2019s the economy, stupid! 2 slow 2 sedate &#8211; Z-Connect by Zerodha<\/title>\n<meta name=\"description\" content=\"With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don&#039;t sell, services exports fall, but power generation stays robust. And more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s the economy, stupid! 2 slow 2 sedate\" \/>\n<meta property=\"og:description\" content=\"With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don&#039;t sell, services exports fall, but power generation stays robust. And more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate\" \/>\n<meta property=\"og:site_name\" content=\"Z-Connect by Zerodha\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/zerodha.social\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-10T09:40:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Pranav\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@zerodhaonline\" \/>\n<meta name=\"twitter:site\" content=\"@zerodhaonline\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Pranav\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate\",\"url\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate\",\"name\":\"It\u2019s the economy, stupid! 2 slow 2 sedate &#8211; Z-Connect by Zerodha\",\"isPartOf\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#primaryimage\"},\"image\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#primaryimage\"},\"thumbnailUrl\":\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png\",\"datePublished\":\"2024-04-10T09:40:11+00:00\",\"author\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/01e659a83a429879f3e0f8f86a76c0fe\"},\"description\":\"With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don't sell, services exports fall, but power generation stays robust. And more.\",\"breadcrumb\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#primaryimage\",\"url\":\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png\",\"contentUrl\":\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png\",\"width\":700,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/zerodha.com\/z-connect\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Subtext\",\"item\":\"https:\/\/zerodha.com\/z-connect\/category\/subtext\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"It\u2019s the economy, stupid! 2 slow 2 sedate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/#website\",\"url\":\"https:\/\/zerodha.com\/z-connect\/\",\"name\":\"Zerodha product and business updates\",\"description\":\"Z-Connect is Zerodha&#039;s official blog. Get the latest updates, product announcements news, and insights all in one place.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/zerodha.com\/z-connect\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/01e659a83a429879f3e0f8f86a76c0fe\",\"name\":\"Pranav\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9c05220ce90808922d44304320212189dc94a35eb86424d36fadd7bab9377e61?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9c05220ce90808922d44304320212189dc94a35eb86424d36fadd7bab9377e61?s=96&d=mm&r=g\",\"caption\":\"Pranav\"},\"description\":\"Senior writer at Zerodha\",\"url\":\"https:\/\/zerodha.com\/z-connect\/author\/pranav\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"It\u2019s the economy, stupid! 2 slow 2 sedate &#8211; Z-Connect by Zerodha","description":"With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don't sell, services exports fall, but power generation stays robust. And more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate","og_locale":"en_US","og_type":"article","og_title":"It\u2019s the economy, stupid! 2 slow 2 sedate","og_description":"With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don't sell, services exports fall, but power generation stays robust. And more.","og_url":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate","og_site_name":"Z-Connect by Zerodha","article_publisher":"https:\/\/www.facebook.com\/zerodha.social","article_published_time":"2024-04-10T09:40:11+00:00","og_image":[{"width":700,"height":400,"url":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png","type":"image\/png"}],"author":"Pranav","twitter_card":"summary_large_image","twitter_creator":"@zerodhaonline","twitter_site":"@zerodhaonline","twitter_misc":{"Written by":"Pranav","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate","url":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate","name":"It\u2019s the economy, stupid! 2 slow 2 sedate &#8211; Z-Connect by Zerodha","isPartOf":{"@id":"https:\/\/zerodha.com\/z-connect\/#website"},"primaryImageOfPage":{"@id":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#primaryimage"},"image":{"@id":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#primaryimage"},"thumbnailUrl":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png","datePublished":"2024-04-10T09:40:11+00:00","author":{"@id":"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/01e659a83a429879f3e0f8f86a76c0fe"},"description":"With a strong economy and falling inflation, RBI keeps rates where they are. Automobiles don't sell, services exports fall, but power generation stays robust. And more.","breadcrumb":{"@id":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#primaryimage","url":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png","contentUrl":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png","width":700,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/zerodha.com\/z-connect\/subtext\/its-the-economy-stupid-2-slow-2-sedate#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/zerodha.com\/z-connect\/"},{"@type":"ListItem","position":2,"name":"Subtext","item":"https:\/\/zerodha.com\/z-connect\/category\/subtext"},{"@type":"ListItem","position":3,"name":"It\u2019s the economy, stupid! 2 slow 2 sedate"}]},{"@type":"WebSite","@id":"https:\/\/zerodha.com\/z-connect\/#website","url":"https:\/\/zerodha.com\/z-connect\/","name":"Zerodha product and business updates","description":"Z-Connect is Zerodha&#039;s official blog. Get the latest updates, product announcements news, and insights all in one place.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/zerodha.com\/z-connect\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/01e659a83a429879f3e0f8f86a76c0fe","name":"Pranav","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9c05220ce90808922d44304320212189dc94a35eb86424d36fadd7bab9377e61?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9c05220ce90808922d44304320212189dc94a35eb86424d36fadd7bab9377e61?s=96&d=mm&r=g","caption":"Pranav"},"description":"Senior writer at Zerodha","url":"https:\/\/zerodha.com\/z-connect\/author\/pranav"}]}},"jetpack_featured_media_url":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/02\/economy-Subtext-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts\/375859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/users\/242542"}],"replies":[{"embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/comments?post=375859"}],"version-history":[{"count":1,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts\/375859\/revisions"}],"predecessor-version":[{"id":375869,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts\/375859\/revisions\/375869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/media\/372472"}],"wp:attachment":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/media?parent=375859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/categories?post=375859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/tags?post=375859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}