Agri-Agri-Climate Risks Impacting Rural Consumption in FY24

We expect rural consumption to shape better in FY24 than over the last one, one and a half years of lackadaisical growth. Whereas it's the urban side of the demand that we are a little more concerned about because there we feel that the slowdown could be much more tangible. While we know that private Capex remains at a bames, we have seen capacity utilization levels improve as per the RBI survey. It has moved above pre-pandemic levels.