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- India’s GDP growth projection for FY25 has been revised by Morgan Stanley from 6.7% to 6.3%.
- In the July-September quarter of 2024, India’s GDP growth slowed to 5.4% year-on-year. This was its lowest level since March 2023.
- This was a declined from 6.7% growth in previous quarter. This fell short of Morgan Stanley’s forecast of 6.3%.
- Both private consumption and capital expenditure showed signs of slowing down. Private consumption grew at a faster rate.
- However, with a growth rate of 7.1%, the services sector showed resilience.
- Manufacturing and energy were the main drags on the industrial sector, which trailed at 3.9%.
- For a long-term recovery, Morgan Stanley suggests three crucial variables to keep an eye on.
- The first includes cash balances kept with the RBI and changes in government spending, especially in revenue and capital expenditure.
- The second is agricultural performance. Lastly, domestic liquidity and financial conditions continue to be crucial.
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