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I am not an economist by training. I understand human behavior, and what drives economic activity. The slowdown in GDP in India has been caused by a multitude of factors:

Complete disruption of old economic architecture [Demonetization, Formalization, GST, Bankruptcy Law]...
Result: Dramatic Negative Wealth Effect. This has caused massive erosion in the Value of stocks, and Real Estate. Also, Govt drive to keep inflation under check has dried up credit
I don't remember any time in recent history when so much wealth destruction has happened in a compressed timeframe. The Value erosion is small-cap midcap reflects that pain. It's a dramatic downward spiral
The Policymakers adopted the approach - Let the poison flush out of the system on its own without realizing the collateral damage it's causing to the wider economic system. It's good that the Govt is waking up and throwing everything at the system now - Corp tax cut
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