Fitch Ratings cut India's GDP growth estimate by 10 basis points to 6.4 per cent for the current fiscal.
The softening of CPI inflation will boost India’s private final consumption expenditure, the largest component of the GDP, industry leaders said on Tuesday.
India’s automotive industry is a cornerstone of the nation’s manufacturing and economic growth, contributing 7.1 per cent to India's GDP.
India's domestic demand is showing signs of recovery, supported by several positive developments, according to a recent report by Crisil.
“The US is one of India’s largest trading partners, so a 26 per cent tariff hovering over imports of Indian goods will heavily impede the trade balance,” Moody’s Analytics said.
India stands at a crossroad, where economic prosperity clashes with political identity.
Significant internals from the GDP numbers are the 11.6 per cent growth in manufacturing, the 9.5 per cent growth in construction and 10.6 per cent growth in the capital formation.
The bank's economists also revised upward their prediction for 2024-25 by 50 basis points to 7 per cent .
It further expected the private final consumption expenditure to grow by 6.1 per cent in 2024-25, up from 4.4 per cent in 2023-24.
In the wake of the recent announcement that the UK has officially entered a recession, the economic landscape appears increasingly challenging for Prime Minister Rishi Sunak and his Conservative government.
