With election circus ongoing the government officials keep telling us that the economy is going to grow at 6.50% and that there will not be any recession in the country. The freeloading journalists faithfully echo these comments without question. However we are also told that industrial production is declining and exports are falling. Inflation is down to 0.54% but food prices are rising at near double digits which means that wholesale prices of other goods are declining which is deflationary. With declining production and exports we can expect job losses or,at best, no new job creation and increasing spending on food means less money to spend on other goods. House prices have fallen by 25% but they should fall by another 30% to reach fair value. With fiscal deficit rising to the stratosphere government borrowing will have to jump putting pressure on interest rates which will hold back recovery. Also the IMF is predicting a global slowdown which in turn will affect exports. Yet we are being told that India is immune. Either our economists are on ecstasy or they are lying to us to facilitate a Congress win in the elections. Once the new government is formed and a proper budget is presented we may get a glimpse into the future. Meanwhile as I predicted a Public Interest Litigation has been filed in the Supreme Court to force the government to investigate and reveal the names of individuals holding illegal accounts abroad amounting to $1.4 trillion. Maybe some of that money is being smuggled back in through Participatory Notes wherein foreignors can invest in the Sensex without disclosing their identities. We are but sheep praying that we will be spared.