Economy States’ deficit poses a challenge to India’s fiscal consolidation target, says Moody’s Updated : November 27, 2019 01:32 PM IST States’ reliance on central government grants has increased since GST implementation Slowing growth and infrastructure spending needs will keep deficits and borrowing elevated. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.