The decline in sales so far is due to weak growth in rural income and moderation in rural infrastructure spending. Rural incomes were impacted towards the second half of last fiscal because crop production was flat after two years of growth at 5-6 per cent.

Various polls says the Indian economy will likely grow at a year-on-year pace of 5.7 per cent in the June quarter; several economists are even predicting the GDP numbers could be down to 5.2 per cent

Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices - he pawned his wife's gold jewelry.

According to Nomura, even though growth is set to slow further in Q2 (April-June) the economy is expected to see some recovery in the July-September quarter