2024-09-03 06:38:52
It is worth noting that government data released on August 30 showed that India’s GDP growth slowed to 6.7% in the April-June quarter due to a decline in government spending due to the formulation of a “code of conduct” for the general election.
The Reserve Bank of India (RBI) in its last Monetary Policy Committee meeting in August had forecast that the Indian subcontinent’s GDP would grow by 7.1% in the first quarter of FY2025.
Nomura cut its forecast for India’s economic growth to 6.7% from 6.9% as gross domestic product (GDP) fell in the first quarter.
Also read: India’s GDP growth rate fell to a 15-month low of 6.7% in the first quarter of fiscal 2025
Meanwhile, Goldman Sachs and JPMorgan Chase maintained their forecasts for India’s world’s fifth-largest economy to grow 6.5% in fiscal 2025. Data last week also showed that India’s primary sector, which includes agriculture and mining, fell 2.7% year-on-year, compared with 4.2% in the same period of fiscal 2024. In addition, while the secondary sector, which includes manufacturing and power sectors, grew sharply by 8.4% year-on-year, the tertiary sector fell to 7.2% year-on-year, compared with a growth of 10.7% in fiscal 2024.
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