India is now in the third growth recession since 2008. Economic growth has already slowed sequentially for four consecutive quarters. It is very likely that economic growth in the quarter ended 30 June will be slower than in the quarter ended 31 March, at least going by the latest high frequency data, as well as various forecasts by private sector economists. The most recent goods and services tax (GST) collections data is also an indication of weak domestic demand, though the fact that indirect tax collection is growing slower than nominal GDP growth could also mean that demand that shifted to the formal sector after demonetization is again moving back to the informal sector.