quarter to June, near decade lows on an annual basis and a tad under the 4.8 per cent growth in the previous three months.
Raghuram Rajan, the much-vaunted former chief economist at the International Monetary Fund chief economist, is set to take over as governor of the Reserve Bank of India next Thursday, but so long as the rupee remains under attack he will find it hard to lower interest rates to encourage growth.
With inflation moving back above 5 per cent, the upper limit of the central bank's perceived comfort zone, its hands are even more tightly tied.
"With RBI set to sustain, even extend, recent monetary tightening, we now expect the palpable downside risks facing the Indian economy to largely crystallise over the next 6-9 months," said BNP Paribas.
The French bank has cut India's growth forecast to 3.7 per cent for this fiscal year, which would be the lowest since 1991/92.
That is nowhere near good enough for a country with India's demographics. It has a population of 1.2 billion and a per capita income of around $1,000.
Chidambaram warned on Tuesday that the economy needs to be averaging 8 per cent growth to generate jobs for the increasing numbers of youth joining the workforce, but it is about far more than jobs.
With nearly 270 million people living in poverty, India is a vastly different kind of economy.
On Tuesday, parliament approved a Food Security Bill that critics fear will push up a fiscal deficit that at nearly at 5 per cent of GDP is among the highest among major economies.
With enough foreign exchange reserves to cover six months of imports and relatively low levels of sovereign foreign debt, India's situation is less acute than it was in 1991 balance of payments crisis.
But, once lionised as the finance minister whose liberalisation of the economy rescued it from that crisis, Prime Minister Singh is now widely criticised for having feet of clay during his nine years at the helm.
His government has loosened rules for foreign investors, but it has failed to introduce the tax and labour reforms that Singh has long advocated.