Economic data from the two fastest growing economies –China and India during the last week is not good for the crisis ridden world economy. In India, the monthly industrial production for December 2011 shows a declining growth trend. On the other, the Chinese trade data for January 2012 has shown both export and import contraction. India’s factory output growth rate of meager 1.8% for December is uncharacteristic to the status of an emerging economy. The figure is more disappointing given that India is a domestic demand driven economy. Domestic production trends rather than trade figures are more important in driving growth rate in the Indian economy. Hence, a low fac