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Agencies cut India's FY25 growth forecast
Business Standard
|December 02, 2024
Agencies have sharply reduced their gross domestic product (GDP) growth forecasts for FY25, following the surprise seven-quarter low print of 5.4 per cent in July-September (Q2).
Growth stood at 6 per cent during the first half (April-September) of FY25. While the Reserve Bank of India (RBI) has estimated it at 7.2 per cent for FY25, the finance ministry expects 6.5-7 per cent.
The Monetary Policy Committee of the RBI may lower its projection in its policy review, to be announced on December 6.
Sakshi Gupta, principal economist at HDFC Bank, said she had reduced her full-year growth estimate to 6.5 per cent from 6.8 per cent, with further downside risks. "This is assuming a pickup in momentum in H2 (October-March)," she added.
High-frequency indicators for October point to some improvement across multiple sectors. The Purchasing Managers' Indices (PMI), for manufacturing and services, rose from their September lows, signaling some pickup in momentum.
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