As CMIE Capex releases Q2FY18 numbers, the data portends a gloomy outlook. Further, the nominal increasing value of projects outstanding is contributed by a) variation in cost (+6% Y/Y); and b)a drop in project shelved (-21% Y/Y). To be sure, the aggregate value of projects added, CMIE reckons, ticks below ~Rs1trn. On a yearly base, from a relative lens, this was down more than twothirds. This by no measure is a number to cheer. And even among this flagging number, a substantial chunk is contributed by the Uttar Pradesh state government. Strip the impact of Rs200bn from Taj International Airport project Phase-II and III of Uttar Pradesh, the days could...