A DECLARATION in freight traffic growth on Indian Railways might be a harbinger of an economic slowdown. Projected to grow 3.26% in FY25, from 14.9% two years ago, the drop reflects waning demand for coal, iron ore, cement and petroleum, which collectively make up over 80% of rail cargo. Coal, half of rail freight, is expected to see growth slow to 4.9%, from 8.2% last year, due to softer demand for power and steel. A combination of reduced government capex and high base of 2023 is further stalling momentum in sectors such as construction and manufacturing. As railways mirror the pulse of industrial traction, it seems the once-steady drivers of growth are now losing steam.