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Sluggish rural spending and rising borrowing costs have started hitting consumer demand

Get latest articles and stories on Latest News at LatestLY. Warning states against their competitive subsidies, research agency India Ratings has said five states, led by Punjab, are on the brink of a deep fiscal crisis as their subsidies are much higher than sustainable levels in terms of a percentage of GSDP. Latest News | States Doling out Competitive Subsidies on Brink of Fiscal Collapse: Report.

Get latest articles and stories on Latest News at LatestLY. India Ratings has lowered its GDP growth forecast for FY23 to 7-7.2 per cent, from 7.6 per cent earlier citing the rising uncertainty over Russia-Ukraine war and the resultant dampening of consumer sentiment. Latest News | Ind-Ra Slashes FY23 GDP Forecast to 7-7.2% Citing Ukraine War.

The impact will be felt more on inflation, a widening current account deficit and a falling rupee, its chief economist Devendra Pant said in the report.

The ongoing crisis in Ukraine is set to push the country's import bills beyond the $600 billion mark this fiscal, given India's import dependence on crude oil, natural gas, gems and jewellery, edible oils and fertilisers, which can lead to a spike in inflation and current account deficit, and a falling rupee, warns a report.