The latest print of data on economic output from the Central Statistics Office makes for sobering reading. While the government should take it as a wake-up call, the implications of what appears to be a sustained decline in private investment and broader economic growth should also cause the Reserve Bank of India (RBI) to reconsider its current stance on monetary policy. While growth for the full year of 2016-17 remained as projected at 7.1 per cent, part of that was due to revisions upwards to data for the first quarter of the financial year. Growth in the fourth quarter of 2016-17 has, in fact, come in at an anaemic 6.1 per cent. The upward revision of first-quarter data underlines what appears to be a broad-based loss of momentum in the economy.