Although corporate borrowing costs have risen a bit, overall financial conditions have tightened little after the Fed's rate increases.

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The one piece of good news is that the overall fiscal picture has improved of late because of record-low borrowing costs, the sequester, and a surge in revenues over the past six months due to higher tax rates (and their anticipation last year).

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Overall too, automobile demand in India has been hit by increasing fuel prices and high borrowing costs.

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