Early signs of a sharp slowdown in industrial activity in June should worry policymakers more than they admit. While the heavy monsoon rains offer a convenient narrative for lower power demand, the depth and breadth of the latest slowdown point to more structural cracks in consumer demand and industrial momentum.The southwest monsoon, arriving ahead of schedule, was unusually active in June. India received 180 millimetres of rainfall, around 9% above the norm. This cooled temperatures considerably, with the national mean dropping to 29.49 degrees Celsius from 30.55 degrees a year earlier. As a direct consequence, electricity demand fell. Electricity generation contracted 6.4% year on year in June, marking the third consecutive month of decline.
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