The ratings agency said, ongoing agrarian distress and dismal income growth so far, coupled with subdued income growth expectation in urban areas have weakened the consumption demand considerably. Even the festive demand has failed to revive it and this is reflected in the current data of non-food credit, auto sales and select fast moving consumer goods. Even investment expenditure growth, as measured by gross fixed capital formation, is expected to moderate to 6 per cent in FY20 (earlier forecast 7 per cent) from 10 per cent in FY19, which will be a five-year low.