Two years ago, the problem was not so much on consumption but mainly on the investment demand. Now, even consumption growth has slowed. While private consumption as a percentage of GDP rose to 58.2% during Q3 from 56.5% in Q2, it was still lower than 58.6% a year ago. Although the government tried to stimulate the economy by front-loading spending in Q1 and again in Q3, it was not enough to lift growth over 5%. Investment, measured in terms of gross fixed capital formation, slid to 27% of GDP in Q3 from 29.4% in Q2, adding sand in the wheels of growth. While the governments effort in fast-tracking investment through CCI clearances is a bit late to pay growth dividend in FY14, it needs to be seen how the new government speeds up reforms, revive the investment sentiment and boosts growth. A sharp recovery still looks unlikely in FY15.