Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;
&lt;br /&gt;
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;
&lt;br /&gt;
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;
&lt;br /&gt;
One basis point is one-hundredth of a percentage point.&lt;br /&gt;
&lt;br /&gt;
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;
&lt;br /&gt;
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;
&lt;br /&gt;
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;
&lt;br /&gt;
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

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&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;
&lt;br /&gt;
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;
&lt;br /&gt;
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;
&lt;br /&gt;
One basis point is one-hundredth of a percentage point.&lt;br /&gt;
&lt;br /&gt;
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;
&lt;br /&gt;
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;
&lt;br /&gt;
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

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                <strong>Agrarian, liquidity crisis weigh on India consumption story -Harsha Jethmalani and Pallavi Pengonda</strong></h1>
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                <div align="justify">-Livemint.com<br /><br /><em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br /></em><br />Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br /><br />In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br /><br />Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br /><br />A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br /><br />One basis point is one-hundredth of a percentage point.<br /><br />JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br /><br />The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br /><br />In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br /><br />One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br /><br />Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html" title="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br /></div>               </font>
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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;
&lt;br /&gt;
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;
&lt;br /&gt;
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;
&lt;br /&gt;
One basis point is one-hundredth of a percentage point.&lt;br /&gt;
&lt;br /&gt;
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;
&lt;br /&gt;
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;
&lt;br /&gt;
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;
&lt;br /&gt;
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;
&lt;br /&gt;
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;
&lt;br /&gt;
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;
&lt;br /&gt;
One basis point is one-hundredth of a percentage point.&lt;br /&gt;
&lt;br /&gt;
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;
&lt;br /&gt;
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;
&lt;br /&gt;
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;
&lt;br /&gt;
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;
&lt;br /&gt;
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-Livemint.com

As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;&lt;br /&gt;In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;&lt;br /&gt;A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;&lt;br /&gt;One basis point is one-hundredth of a percentage point.&lt;br /&gt;&lt;br /&gt;JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;&lt;br /&gt;The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;&lt;br /&gt;In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;&lt;br /&gt;One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot; title=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

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                <strong>Agrarian, liquidity crisis weigh on India consumption story -Harsha Jethmalani and Pallavi Pengonda</strong></h1>
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                <div align="justify">-Livemint.com<br /><br /><em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br /></em><br />Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br /><br />In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br /><br />Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br /><br />A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br /><br />One basis point is one-hundredth of a percentage point.<br /><br />JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br /><br />The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br /><br />In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br /><br />One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br /><br />Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html" title="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br /></div>               </font>
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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;
&lt;br /&gt;
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;
&lt;br /&gt;
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;
&lt;br /&gt;
One basis point is one-hundredth of a percentage point.&lt;br /&gt;
&lt;br /&gt;
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;
&lt;br /&gt;
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;
&lt;br /&gt;
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;
&lt;br /&gt;
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;
&lt;br /&gt;
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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;&lt;br /&gt;In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;&lt;br /&gt;A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;&lt;br /&gt;One basis point is one-hundredth of a percentage point.&lt;br /&gt;&lt;br /&gt;JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;&lt;br /&gt;The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;&lt;br /&gt;In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;&lt;br /&gt;One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot; title=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;
&lt;br /&gt;
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;
&lt;br /&gt;
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;
&lt;br /&gt;
One basis point is one-hundredth of a percentage point.&lt;br /&gt;
&lt;br /&gt;
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;
&lt;br /&gt;
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;
&lt;br /&gt;
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;
&lt;br /&gt;
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Livemint.com

As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.&lt;br /&gt;&lt;br /&gt;In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&amp;rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &amp;ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.&lt;br /&gt;&lt;br /&gt;A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.&lt;br /&gt;&lt;br /&gt;One basis point is one-hundredth of a percentage point.&lt;br /&gt;&lt;br /&gt;JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.&lt;br /&gt;&lt;br /&gt;The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.&lt;br /&gt;&lt;br /&gt;In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &amp;ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&amp;rdquo; added Nomura.&lt;br /&gt;&lt;br /&gt;One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot; title=&quot;https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

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                <strong>Agrarian, liquidity crisis weigh on India consumption story -Harsha Jethmalani and Pallavi Pengonda</strong></h1>
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                <div align="justify">-Livemint.com<br /><br /><em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br /></em><br />Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br /><br />In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br /><br />Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br /><br />A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br /><br />One basis point is one-hundredth of a percentage point.<br /><br />JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br /><br />The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br /><br />In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br /><br />One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br /><br />Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html" title="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br /></div>               </font>
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-Livemint.com<br />
<br />
<em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br />
</em><br />
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br />
<br />
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br />
<br />
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br />
<br />
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br />
<br />
One basis point is one-hundredth of a percentage point.<br />
<br />
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br />
<br />
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br />
<br />
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br />
<br />
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br />
<br />
Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br />
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-Livemint.com

As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are...',
	'disp' => '<div align="justify">-Livemint.com<br /><br /><em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br /></em><br />Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br /><br />In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br /><br />Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br /><br />A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br /><br />One basis point is one-hundredth of a percentage point.<br /><br />JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br /><br />The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br /><br />In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br /><br />One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br /><br />Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html" title="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br /></div>',
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	'title' => 'Agrarian, liquidity crisis weigh on India consumption story -Harsha Jethmalani and Pallavi Pengonda',
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-Livemint.com<br />
<br />
<em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br />
</em><br />
Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br />
<br />
In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br />
<br />
Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br />
<br />
A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br />
<br />
One basis point is one-hundredth of a percentage point.<br />
<br />
JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br />
<br />
The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br />
<br />
In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br />
<br />
One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br />
<br />
Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br />
</div>',
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-Livemint.com

As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress

Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are...'
$disp = '<div align="justify">-Livemint.com<br /><br /><em>As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress<br /></em><br />Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says.<br /><br />In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India&rsquo;s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that &ldquo;the consumption outlook is a tad worse (not better) than it was in early calendar year 2018&rdquo;.<br /><br />Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&amp;FS crisis. And, with flow of credit being impacted, consumption has slowed.<br /><br />A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth.<br /><br />One basis point is one-hundredth of a percentage point.<br /><br />JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent.<br /><br />The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom.<br /><br />In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. &ldquo;This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,&rdquo; added Nomura.<br /><br />One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment.<br /><br />Please <a href="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html" title="https://www.livemint.com/Money/lkvHgAtR8E3bsZkmTHrgHI/Indias-agrarian-liquiditycrisis-weigh-on-its-consumption.html">click here</a> to read more. <br /></div>'
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Agrarian, liquidity crisis weigh on India consumption story -Harsha Jethmalani and Pallavi Pengonda

-Livemint.com As we enter the new year, investors will do well to factor in a moderation in consumption demand due to the liquidity crisis and farm distress Analysts are getting increasingly wary about the outlook for consumption demand, even though investors are brushing aside these risks for now. In its 2019 India outlook, Credit Suisse said it would prefer investment-related stocks over consumption-focused ones in the coming year. The brokerage expects sharp downgrades to GDP growth forecasts for 2019-20. The drag comes from consumption as the impact of the seventh pay commission fades, and aggregate credit availability slows, it says. In fact, the 2019 outlook reports of other brokers are also taking into account the impending slowdown in India’s consumption story. For instance, JM Financial Institutional Securities Ltd said in a 7 December note that “the consumption outlook is a tad worse (not better) than it was in early calendar year 2018”. Two factors are expected to spoil the consumption party. One, is the NBFC liquidity crisis after the IL&FS crisis. And, with flow of credit being impacted, consumption has slowed. A sharp increase in funding costs for non-banking financial companies (70-80 basis points since September 2018) and pressure on net interest margins will ultimately lead to NBFCs passing on this increase in cost to consumers, says Ambit Capital Pvt. Ltd. Higher borrowing costs may take a toll on the demand for such loans, which in turn, will affect growth. One basis point is one-hundredth of a percentage point. JM Financial says housing and small businesses could bear the brunt of NBFC liquidity issues even in the first half of 2019. Spending on consumer discretionary items too will suffer to some extent. The second element that is likely to weigh on consumption is the ongoing rural distress, which can keep rural consumption under check. According to a report by Deloitte and Ficci, rural households contribute around 50% to GDP, 40% of fast-moving consumer goods (FMCG) sales, 50% two-wheeler sales, 30% four wheeler sales and 45% to telecom. In fact, the first cracks in consumption have already emerged. In a report on 10 December, Nomura Research said it believes that the growth cycle peaked in Q2 2018 and will slow down to 6.6% year-on-year in 2019 from 7.4% in 2018. “This is corroborated by the moderation in Q3 GDP growth to 7.1% y-o-y,” added Nomura. One sector where the tremors are being felt is automobiles. In an unexpected negative development, medium and heavy commercial vehicle sales declined by 19% year-on-year at the industry level for November. Passenger vehicle sales were muted, too. Rising interest rates, coupled with a sharp rise in fuel prices, have weighed on retail consumer sentiment. Please click here to read more.