The Indian economy now resembles a stalling aircraft — losing altitude, red alerts flashing, struggling to stay up. Despite the government's stated commitment to make it a $5-trillion economy in five years from now, there is every indication that India has an uphill battle at hand.Is this just a cyclical downturn, or is something deeper at play? Opinions differ vastly, depending on which side of the divide you stand. To put things in perspective, here’s the lay of the land: Hindustan Unilever Limited (HL), India’s largest Fast Moving Consumer Goods (FMCG) producer, a brand whose flowery U is as easily recognisable as the celebrated Maruti logo, is losing traction. After comfortably gliding by with double-digit growth not too long ago, HUL reported a volume growth of only seven per cent in the last quarter, a steep fall from 11 per cent in the April-June quarter of 2018.Other biggies of the sector, including ITC and Godrej, have also logged single digit growth numbers. The slump hasn't just hit the companies — it has hit every point on the production chain, not least the villages where they source their raw materials from.With purchasing power having taken a body blow, only time will tell whether or not rural income support and Minimum Support Price (MSP) hikes will be enough to mitigate the impact of a deficient monsoon.The automobile industry employs 37 million people and contributes to seven percent of the country's GDP.As of now, with five lakh passenger vehicles and 30 lakh two-wheelers remaining unsold, plants are being forced to shut down in line with sputtering sales that have hit an 8-year low.Maruti, India’s largest automobile manufacturer, has been forced to downsize. Its share prices have plummeted 26 per cent (year to date) in the past year. Sales at the auto bellwether are dismal too — a clear sign that India's auto crisis is real.Meanwhile, preferential treatment to EVs has made it a double whammy for conventional car makers. But with charging infrastructure absent, India has miles to go on the electric front too.With no scrappage plan for fossil fuel-based vehicles and no charging infra for EVs, India's auto industry has its task cut out like never before.Most Indian corporates hoped for a trump card of sorts from the 2019 Union Budget, but they came up against a brick wall on July 5. After the super-rich surcharge, companies are are now being forced to rethink their structure and look at resizing.Like in all slowdowns, India Inc is already taking steps to optimize costs — layoffs, replacement-only hires or a freeze on employment have already begun.While measures are being initiated to recapitalize banks and address the NBFC liquidity crunch, the IBC regime still remains a work in progress. In such a scenario, the surcharge on the rich may lead to businesses being driven away from the country, analysts say.With domestic conditions already bleak, a hostile global environment, tariff wars and rising protectionism could soon compound India's troubles.Exports have declined by almost 10 per cent in the span of a year. Sluggish global demand and the US-China trade war are adding fuel to an already raging fire.The International Monetary Fund (IMF) has already pared India's growth projections citing lowered domestic demand.While external factors remain out of India's control, domestic measures such as agricultural reforms, easier access to credit and quicker GST refunds could play a big role in keeping the economy ticking.At this point India needs reforms that create short-term stimulus and pave the path for long-term stability, experts say. But any indication that such reforms are in the pipeline is not yet forthcoming.With the economy losing steam, growth slowing across all major industries, a severe income crunch, a pile-up of skilled workforce and business likely being driven away, there are unmistakeable signs that India could soon be looking at an entrenched slowdown.Sentiment has turned sour post the first budget of Modi 2.0 — according to an Economictimes.com report, investors lost nearly Rs 12 lakh crore in the first 50 days of the new Modi sarkar.Nine of every 10 stocks (2,294 out of 2,664) that traded on BSE are in the red since then.Which means, economic uncertainty is probably the only certainty at this point.