Dr Manmohan Singh is unhappy - deeply unhappy.
His first reactions after seeing the GDP figures released on Friday was categorical. "This is clearly unacceptable," he stressed.
"GDP figures released today are as low as 4.5%. Aspiration of our country is to grow at 8-9%. Sharp decline of GDP from 5% in Q1 to 4.5% in Q2 is worrisome," he was quoted as saying.
The man who along with then Prime Minister PV Narasimha Rao is credited with reviving the Indian economy also seemed to suggest the need for desperate measures for these desperate times.
"Mere changes in economic policies will not help revive the economy," the former PM stressed.
The Central Statistics Office's (CSO) big GDP reveal on Friday showed that India's economy has been reduced from flesh to bone with September quarter GDP growth crashing to a 26-quarter-low of 4.5 per cent.
Just a quarter before, it had grown at 5 per cent, which now appears respectable than the latest print.
With this, the Indian economy has been on a graveyard spiral for seven quarters straight, including three consecutive quarters of sub-6 per cent growth.
From a period of prosperity (GDP growth of 7 per cent just 12 months ago) to a period of peril (4.5 per cent now), India's growth has been crashing in devastating style. The dismal Q2 GDP growth gives enough ammunition for the RBI to reduce policy rates next week.
It has already cut repo rate by 135 bps -1.35 per cent- since February. The latest growth print also implies that restoring both India's fastest-growing economy tag and the ballyhooed USD 5-trillion target will be further delayed.
Among the eight broad indicators in measuring GDP, six saw a wholesale collapse. Notably, manufacturing that teetered on the edge in June quarter, finally entered the negative terrain clocking a de-growth of 1 per cent.