New Delhi, Oct 13 (TIWN): India's fiscal deficit 'conceals' a lot and is probably pushing Asia's third-largest economy to the brink of a 'worrisome' situation, former RBI governor Raghuram Rajan has warned.

Delivering the OP Jindal lecture at Brown University, Rajan said the uncertainty about the overall economic vision at the top rungs is causing deep distress in the Indian economy. "India has slowed considerably from the go-go years before the financial crisis, but even from the 9% growth in the first quarter of 2016."

India has been grappling with slowing macro numbers. The country's growth slumped to a six-year low of 5% in the April-June quarter, and is likely to be near this trough at 5.3% in the July-September quarter.

The IIP numbers that came out yesterday saw August clocking the lowest figures in seven years, a negative growth of 1.1%.

Moody’s recently cut India’s GDP forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%, attributing it to the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation.