Meanwhile, the Reserve Bank of India has also sharply lowered this fiscal's economic growth projection to 5.8 per cent, from 6.5 per cent earlier, in view of global and domestic factors like poor investments and subdued demand.
The International Monetary Fund slashed India's 2012 (calendar year) economic growth forecast for India to 4.9 per cent from 6.1 per cent.
To add to the country's economic woes, the debt burden of India's states is also rising.
Maharashtra has the highest debt among all states in India.
Maharashtra's debt is higher than that of states like Uttar Pradesh, West Bengal, Andhra Pradesh and Tamil Nadu, according to the Reserve Bank of India.
Uttar Pradesh is the second most debt-ridden state, followed by West Bengal.
