On the domestic front, therefore, the government has to do much more simply to contend with these headwinds from the global economy.
Much will depend on how the central government chooses to deal with the three most pressing current economic problems: infrastructure, employment and food security. On each of these, however, there are concerns that the government is either in denial and therefore not in control of the issue, or has simply got it wrong.
In terms of infrastructure, inadequate public investment and continuing dependence on the model of public-private partnerships (PPPs) that have not delivered thus far has led to a situation of completely inadequate basic infrastructure that has increasingly become a brake on growth and denied large parts of the population access to basic amenities such as electricity.
Worse, there are financial problems waiting to blow up in sectors like power and aviation, in both of which recent private investment was heavily leveraged through public sector banks.
These problems are only going to intensify in the coming months, with potentially devastating implications not just for the future of such investment, but for the domestic financial sector and the fiscal situation of the central government in case it has to pick up the pieces. Yet if the government is aware of this problem it does not show it.