While the pain and weakness in the economy is greater than was expected, the slowdown has not sprung upon us all of a sudden. Growth has been slowing down for three years. Official estimates have consistently reflected a sharp loss of momentum. Even before fingers were inked at the polling booths, none of the economy’s main sectors—agriculture, manufacturing, services or exports—was performing the role of a growth driver or jobs creator. The investments slowdown has been on since 2012. Exports growth has stagnated since 2014. Even in its high-growth phases, the economy generated insufficient sustainable livelihoods compared to the rapidly rising share of youngsters in the population. The problem is worsening to one of jobs getting axed. Official data released belatedly, post-elections, showed that in the demonetisation year, unemployment had shot up to levels last seen in the 1970s.