xfiscal stress, driving a slowdown in public infra capex. As per the Sep-19 RBI study on Over the past year, the Government (Centre and the States) has seen a worsening of State finances, FY20E State infra spend will fall by 4.5% compared with ~16% CAGR over FY16-19 (not assuming further worsening since the presentation of the state budgets). While we have argued in the past that a distributed public capex funding model led by Centre, States, municipalities and multi-lateral agencies alike provides cushion against such expansion in the fiscal deficit, we now believe that a near-term continuation of slowdown in order inflows is inevitable as slowing economy has further added to the pain....