With a clutch of states expected to clock in a slower pace of aggregate revenues in 2018-19, the casualty could be either their capital expenditure (capex) or their deficits. For a group of 13 states, aggregate revenues are forecast to grow at 14.4% compared with a far better 21.3% in 2017-18. The muted revenue growth, a study by Icra reveals, is thanks to a smaller increase in grants from the Centre and a slower rise in the tax revenues that states collect themselves. However, taxes devolving from the Centre are tipped to see a bigger increase—up 14.1% from 11%.