Narrative has changed since the time the GDP and Current Account data-points were released for the June quarter. Shocked by the sharp slowdown in growth numbers coupled with surging deficit in current account, business media and policy commentators have started to beam with breathless commentary on how India’s macro has suddenly lost its magic on fallout of demonetization and on poor implementation of GST. Feeling vindicated on their criticism on some of the policy measures of this administration, esp. on DeMon, the mainstream channels have joined the chorus to magnify this quarter muddle into a mega trend of sharper slump. Yes, the GDP growth which came at 5.7% for June quarter was shockingly low and the CAD (current account deficit) at 2.4% belied even the most pessimistic projections. That said, placing the complete onus on some of the transient factors like GST and DeMon, will be akin to missing the…