"The slowing growth rate in India, largely as a result of some of the monetary policies, has created a bit of liquidity Squeeze, which is drying up inventory through the system"
Jon Moeller Global CFO P & G

Inventory additions from 2006 to 2012 was between 4-5 % GDP. I.e GDP growth was higher as more goods were produced for Inventory additions. Most inventory is financed by Bank & NBFC credit. Incremental Bank credit in 2014 was 1.44 times incremental GDP.

In 2018 Inventory addition is down to 1.8 % of GDP. In 2018 Incremental Bank credit dropped to 0.86 times incremental GDP. Lower working capital financing resulted in lower inventory additions which resulted in lower production and lower GDP growth.

In Apr to Mid Sept 2019 fund flow to commercial sector is down 88 % over previous year. The Credit squeeze is felt by big FMCG cos. In all likelyhood Inventory addition in 2019 will be negative due to lower availability of Credit which partually explains growth slow down.