Consumption-driven GDP growth unhealthy for Indian economy
6 years, 4 months ago

Consumption-driven GDP growth unhealthy for Indian economy

Live Mint  

Economic growth of 8.2% for the June quarter may have beaten all estimates, but the big question is: what kind of growth is it? Private final consumption expenditure growth rose to 8.6% in the June quarter from 6.7% in the preceding March quarter. What’s more, the growth rate has increased despite an unfavourable base—PFCE growth in the June 2017 quarter had jumped to 6.9%, compared to growth of 4.2% in the March 2017 quarter. Sliced another way, the data shows that private consumption was 54.9% of GDP at constant prices in the June quarter, compared to 54.6% in the March quarter. But here’s the catch: in the March quarter, gross fixed capital formation growth was even higher, at 14.4%.

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History of this topic

How can India’s consumption growth be revived?
10 hours, 27 minutes ago

How can India’s consumption growth be revived?

Live Mint  

Weakness in private consumption is at the forefront of India’s growth slowdown. Personal income taxes, combined with net indirect taxes, now exceed 20% of private consumption spending, the highest level on record. A personal income tax cut would benefit only a small fraction of the population, as the vast majority do not pay income tax. Aggregate direct tax collections have …

Decoding India’s growth slowdown
Trending News
5 days, 7 hours ago

Decoding India’s growth slowdown

The Hindu  

The first advance estimates of India’s Gross Domestic Product in 2024-25, released by the National Statistics Office this week, shows a decline in the real GDP growth rate to 6.4% from 8.2% registered in 2023-24. The annual growth rates of real gross fixed capital formation in public and private sectors During the 10 years of the United Progressive Alliance rule, …

Mint Primer: Why consumer demand needs a quick revival
6 days, 10 hours ago

Mint Primer: Why consumer demand needs a quick revival

Live Mint  

In the second quarter of the current fiscal, manufacturing growth slowed to just 2.2% from 7% in the first quarter. This pulled down industry’s contribution to the gross domestic product growth significantly, causing overall economic growth to tank. In the second quarter, India’s GDP growth fell sharply to 5.4% as against 8.1% registered in the same period a year ago. …

DC Edit | Fall in consumption signals economic slump lies ahead
6 days, 16 hours ago

DC Edit | Fall in consumption signals economic slump lies ahead

Deccan Chronicle  

The Indian economy is likely to record the slowest growth in the last four years at 6.4 per cent in the next financial year 2024-25, according to the first advance estimates released by the government on Tuesday. The growth in the manufacturing sector, constrained by weak exports and slowing global demand, is expected to muted at 5.3 per cent from …

Why the 6.4% GDP growth estimate for FY25 should worry Modi govt
Top News
1 week ago

Why the 6.4% GDP growth estimate for FY25 should worry Modi govt

India Today  

The first advance estimates of GDP growth for FY25 have confirmed the worst fears of economists—that growth will fall much below the 7 per cent estimated by the Reserve Bank of India. India’s GDP growth for the second quarter was 5.4 per cent, down from 6.7 per cent in the first quarter and way below the 8.1 per cent in …

GDP growth in FY25 may hit 4-year low. Is Indian economy losing steam?
Top News
1 week ago

GDP growth in FY25 may hit 4-year low. Is Indian economy losing steam?

India Today  

India’s economic growth is expected to slow sharply to 6.4% in FY25, according to the first advance estimates released by the government. SECTORAL GROWTH MODERATION Dr. Manoranjan Sharma, Chief Economist at Infomerics Ratings, explained, “India’s GDP is expected to grow by 6.4% in FY25 over 7.2% in FY24. These shifts in consumer behaviour underline a broader transition in India’s consumption …

India’s real GDP expected to rise 6.4% in FY25
1 week ago

India’s real GDP expected to rise 6.4% in FY25

The Hindu  

India’s real Gross Domestic Product is expected to rise 6.4% in this financial year, slowing from 8.2% in 2023-24, the National Statistics Office said on Tuesday in its first advance estimates of GDP for 2024-25. The real Gross Value Added in the Indian economy is reckoned to rise 6.4% as well, relative to a 7.2% uptick in 2023-24, with Agriculture …

India's GDP growth may hit 4-year low of 6.4% in FY25, shows government data
1 week, 1 day ago

India's GDP growth may hit 4-year low of 6.4% in FY25, shows government data

India Today  

India’s GDP growth is projected to slow sharply to 6.4% in FY25, down from 8.2% in FY24, according to the first advance estimates released by the National Statistics Office. "Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in Provisional Estimate of GDP for FY 2023-24. Real GDP at …

Want growth? Just teach India better, keep everyone healthy and yes, drop those EV subsidies
1 week, 5 days ago

Want growth? Just teach India better, keep everyone healthy and yes, drop those EV subsidies

New Indian Express  

Our current year's budget was presented in July and expected to build on the 8.2% growth in GDP of the previous year. If our economic growth continues on the present trajectory, we are not likely to remain the most attractive FDI destination for long, thereby putting pressure on INR exchange rate. Will large businesses, driven by quarterly performance, be willing …

India’s household consumption survey doesn’t feed public policy all that well
1 week, 6 days ago

India’s household consumption survey doesn’t feed public policy all that well

Live Mint  

India’s government recently released the findings of its 2023-24 survey of household consumption expenditure and expressed satisfaction at the seeming narrowing of spending gaps in society at large and between rural and urban populations. However, we must not set too much store by the monthly per capita consumption expenditure figures of this sample survey. India’s free foodgrain scheme may explain …

Indian economy to grow at 6.5-6.8 pc in FY25 on higher domestic consumption: Deloitte
2 weeks, 3 days ago

Indian economy to grow at 6.5-6.8 pc in FY25 on higher domestic consumption: Deloitte

Live Mint  

New Delhi, Dec 29 Indian economy is likely to grow at 6.5-6.8 per cent this fiscal and slightly higher between 6.7-7.3 per cent in FY2026, boosted by domestic consumption, Deloitte said on Sunday. Deloitte India Economist Rumki Majumdar said the growth in the first half of the fiscal year 2025 turned out to be slower than estimated as election uncertainties …

India’s Economy Is Likely to Grow by 6.5 per Cent in the Current and the Next Financial Year
2 weeks, 6 days ago

India’s Economy Is Likely to Grow by 6.5 per Cent in the Current and the Next Financial Year

Deccan Chronicle  

New Delhi: India's economy is likely to grow by 6.5 per cent in the current and the next financial year, attributing lower than anticipated expansion in the September quarter to fall in private consumption expenditure and gross fixed capital formation. The economy continued to be negative even in October 2024 at 8.4 per cent, implying that in the first seven …

Indian Economy To Recover In Q3 As Rural Demand Continues To Climb, Says State Of The Economy Report
Trending News
3 weeks ago

Indian Economy To Recover In Q3 As Rural Demand Continues To Climb, Says State Of The Economy Report

ABP News  

India’s gross domestic product growth is expected to make a comeback in the third quarter of the current financial year, the latest State of the Economy report by the Reserve Bank of India revealed. This revival is being backed by robust festive activity and a consistent upswing in rural demand, the report authored by RBI staff including Deputy Governor Michael …

India’s high-frequency indicators recovering in Q3, to lift GDP in H2: RBI December Bulletin
Trending News
3 weeks ago

India’s high-frequency indicators recovering in Q3, to lift GDP in H2: RBI December Bulletin

Live Mint  

Mumbai: Several high-frequency indicators for the third quarter of the current financial year show that the Indian economy is recovering from the slowdown in momentum witnessed in the previous three months ended September, according to a paper in the Reserve Bank of India’s monthly bulletin. The recovery in Q3 of FY25 is being driven by strong festival activity and sustained …

India’s GDP growth pegged at 6.6% for FY26 on investment boost: India Ratings
3 weeks, 6 days ago

India’s GDP growth pegged at 6.6% for FY26 on investment boost: India Ratings

Live Mint  

New Delhi: India Ratings and Research on Wednesday said that the country’s economic growth is likely to accelerate to 6.6% in the financial year starting 1 April, from 6.4% it has projected for FY25. Devendra Kumar Pant, chief economist and head, public finance, for India Ratings and Research, told reporters that the Reserve Bank of India’s interest rate cut would …

‘GDP slowdown in Q2 not systemic, economic activity to compensate’: Nirmala Sitharaman
1 month, 1 week ago

‘GDP slowdown in Q2 not systemic, economic activity to compensate’: Nirmala Sitharaman

Hindustan Times  

The recent slowdown in India's gross domestic product growth rate was not “systemic” and economic activity in the third quarter would compensate for the moderation, Finance Minister Nirmala Sitharaman asserted on Friday. I expect Q3 to make up for all these.” The senior BJP leader added, “So, the growth number is something which is not necessarily going to be badly …

India’s GDP growth shocker: Bad news can be good too
1 month, 1 week ago

India’s GDP growth shocker: Bad news can be good too

Live Mint  

India’s growth in gross domestic product of 5.4% in the three months ended 30 September, or the second quarter of 2024-25, was a shocker. It’s the lowest level seen since the third quarter of 2022-23 and a sharp drop from 8.1% growth in the same period last year and also from 6.7% in the first quarter of 2024-25. Given the …

India’s growth slowdown: Yes, RBI does need to respond
1 month, 1 week ago

India’s growth slowdown: Yes, RBI does need to respond

Live Mint  

The Indian economy is in the midst of a cyclical slowdown. The Indian government is still in the process of getting public finances back into shape after the pandemic shock, when it had to support economic activity even as tax collections collapsed. There is a compelling case for the monetary policy committee, which is meeting this week to decide its …

RBI’s GDP projections on test as India’s Q2 GDP growth falls short
1 month, 2 weeks ago

RBI’s GDP projections on test as India’s Q2 GDP growth falls short

Live Mint  

The Indian economy experienced a big jolt in the July-September quarter of 2024-25, with the real GDP growth rate slowing to 5.36%, the lowest in seven quarters, data released by the statistics ministry on Friday showed. A back-of-the-envelope calculation suggests GDP growth will have to average 8.3% in the second half of the year to align with the RBI’s full-year …

India’s GDP growth: The first half faltered, but economy seen rebounding in the second
Trending News
1 month, 2 weeks ago

India’s GDP growth: The first half faltered, but economy seen rebounding in the second

Live Mint  

Two consecutive quarters of disappointing economic growth have left economists pinning their hopes on a rebound in the second half of the fiscal year. Some economists, however, expect India’s FY25 GDP growth to be lower than the Reserve Bank of India’s 7.2% outlook because of the disappointing economic growth in the first two quarters of the fiscal year. “Government will …

GDP: How consumers saved the day as government spending slowed during polls
4 months, 1 week ago

GDP: How consumers saved the day as government spending slowed during polls

Live Mint  

The Indian economy grew 6.65% in the first quarter of the current financial year, a notable slowdown from the 7.76% recorded in the previous quarter. For much of last year, even as GDP growth kept breaching the 8% mark, private consumption lagged at the halfway mark, raising concerns about the robustness of the growth momentum. In the June-ended quarter, however, …

India's Q1 GDP: Private consumption lifts mood
4 months, 2 weeks ago

India's Q1 GDP: Private consumption lifts mood

New Indian Express  

NEW DELHI: The GDP growth slumped to a 15-month low with 6.8% real rate of growth in the first quarter of 2024-25. As per Gaura Sen Gupta, economist, India First Bank, the growth is likely led by rural demand with improvement in labour market conditions. High frequency indicators for urban demand like FMCG sales volume and passenger vehicle sales growth …

India's GDP growth moderates to 6.7% in Q1 2024-25, lowest growth in five consecutive quarters
4 months, 2 weeks ago

India's GDP growth moderates to 6.7% in Q1 2024-25, lowest growth in five consecutive quarters

Hindustan Times  

India's Gross Domestic Product moderated to 6.7% during the first quarter of the financial year 2024-25, compared to the 8.2% growth seen in the same quarter of the previous year, according to the data released by the Ministry of Statistics and Programme Implementation on Friday, August 30, 2024. India's GDP moderates to 6.7% in Q1 2024-25 {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} …

How weak consumption growth is holding back the Indian economy's potential
5 months, 2 weeks ago

How weak consumption growth is holding back the Indian economy's potential

Hindustan Times  

Ashlesh —34-year-old former data entry operator at a small firm in Ghaziabad, and originally from the village of Ambar Nagar in Balrampur, in Uttar Pradesh — immediately wanted to make it big in life the day after he had lost his job. ‘As if there is no effect of the high growth here,” Ashlesh said, echoing concerns shared by Amit …

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani
6 months ago

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

The Hindu  

“The Indian economy will grow around 7% in the current fiscal year and is on track to maintain a similar growth rate for several years,” NITI Aayog member Arvind Virmani said on July 12. Responding to a question on the decline in private consumption expenditures in the last fiscal year, Mr. Virmani said it is actually recovering now. Mr. Virmani …

GDP growth maintaining pace seen in Q4, says RBI bulletin
6 months, 3 weeks ago

GDP growth maintaining pace seen in Q4, says RBI bulletin

Live Mint  

Mumbai: The Indian economy is likely to sustain the growth momentum of the January-March quarter in the three months through June as private consumption grows and manufacturing and services pick up pace, Reserve Bank of India officials said. “More recent indicators suggest that private consumption is resuming its role as the main driver of demand and is getting broad-based to …

GDP growth impresses, but rural demand remains a worry
7 months, 2 weeks ago

GDP growth impresses, but rural demand remains a worry

New Indian Express  

India’s economic growth seems to be going gangbusters. Ending nearly a decade-long wait, real GDP growth crossed the 8 percent mark, touching 8.2 percent in 2023-24. Provisional data released by the National Statistics Office also showed that the gross value added—net of subsidies and taxes, and hence considered a better measure of economic activity—grew by 7.2 percent. Agriculture and allied …

ADB pegs India’s GDP growth at 7% in 2024-25, 7.2% next year
9 months ago

ADB pegs India’s GDP growth at 7% in 2024-25, 7.2% next year

The Hindu  

India’s economy is expected to remain robust over the next two years even though headline growth in the country’s Gross Domestic Product is forecast to slow from 7.6% in 2023-24 to 7% this year before improving to 7.2% in 2025-26, the Asian Development Bank said. “In India, growth is forecast to remain strong as rising consumption complements continued investment growth,” …

‘Improve consumption, reduce income inequality for sustainable growth’
9 months, 2 weeks ago

‘Improve consumption, reduce income inequality for sustainable growth’

Live Mint  

New Delhi: India's GDP is projected to grow at over 7% during the next fiscal year, driven by the government's capital expenditure push and the robust growth witnessed across various macroeconomic indicators. But improving consumption, especially in rural areas, and addressing the pervasive income inequality remain significant challenges for the world’s fastest-growing major economy, said panellists at the Mint India …

Real GDP growth may hit 8% this fiscal year, signals FinMin
9 months, 3 weeks ago

Real GDP growth may hit 8% this fiscal year, signals FinMin

The Hindu  

India’s economy may well end up growing by about 8% this fiscal, outstripping the 7.6% real GDP growth projected by the National Statistical Office, the Finance Ministry signalled on Friday, citing the continuing momentum in economic activity in the ongoing final quarter of 2023-24. Despite risks such as “hardening crude oil prices” and “global supply chain bottlenecks to trade”, the …

Latest GDP numbers mystifying, they don't add up: Arvind Subramanian
10 months ago

Latest GDP numbers mystifying, they don't add up: Arvind Subramanian

India Today  

Former chief economic adviser Arvind Subramanian on Friday said the government's GDP numbers don't add up and were "mystifying". Speaking at the 21st edition of the India Today Conclave 2024 in New Delhi, Arvind Subramanian said, "I can't understand the latest GDP numbers, they are mystifying, and don't add up. As per the latest GDP numbers, the Indian economy grew …

Facts and statistics: The Hindu Editorial on the national income data released by the National Statistical Office
10 months, 1 week ago

Facts and statistics: The Hindu Editorial on the national income data released by the National Statistical Office

The Hindu  

The latest national income data released by the National Statistical Office last week have generated a fair amount of excitement as well as bewilderment. While the markets have cheered the NSO’s estimate of a robust 8.4% year-on-year growth in real gross domestic product in the October-December quarter, some economists have been hard pressed to reconcile the sharp differences of well …

Revenge-spending Indians drank and dined after being cooped up in covid years
10 months, 2 weeks ago

Revenge-spending Indians drank and dined after being cooped up in covid years

Live Mint  

NEW DELHI : Indians spent liberally on dining at hotels and restaurants and on alcohol in 2022-23 while going easy on clothing, food and non-alcoholic beverages, clearly marking out their preferences emerging from two years of pandemic lockdowns. Growth in private final consumption expenditure on food and non-alcoholic beverages slowed to 6.2% in FY23 from 6.6% in the year before, …

India's GDP grew by 8.4 per cent in December quarter, surpassing expectations
10 months, 2 weeks ago

India's GDP grew by 8.4 per cent in December quarter, surpassing expectations

Hindustan Times  

Indian economy grew by 8.4 per cent in October-December 2023 against 4.3 per cent a year ago, government data showed on Thursday. India's GDP grows by 8.4 per cent in December quarter It had projected a growth of 7.3 per cent for the current fiscal in its first advance estimates released earlier in January 2024. Earlier in the day, the …

Two sides to India’s consumption story
11 months ago

Two sides to India’s consumption story

New Indian Express  

India’s so-called K-shaped economic growth has a new name – premiumisation. Earlier this year, the government released the first advance estimates of GDP growth in FY24 showing consumption growth at 4.4 percent -- the lowest in 20 years. The government’s efforts to promote local manufacturing by levying high taxes on imported goods have also resulted in higher prices for many …

RBI pegs FY'25 GDP growth at 7% on improved consumption demand, private capex spends
11 months, 1 week ago

RBI pegs FY'25 GDP growth at 7% on improved consumption demand, private capex spends

The Hindu  

The Reserve Bank of India on February 8 projected GDP growth for the next financial year at 7% on the back of improved household consumption and upturn in private capex cycle. In its Monetary Policy Statement, 2023-24, RBI Governor Shaktikanta Das said the recovery in rabi sowing, sustained profitability in manufacturing and underlying resilience of services should support economic activity …

Positive GDP Surprise: Growth in Private Consumption Remains Critical
1 year ago

Positive GDP Surprise: Growth in Private Consumption Remains Critical

News 18  

The government’s first advance estimate of the Gross Domestic Product for the current fiscal, which will end in March, has been a positive surprise for most economists. Rajani Sinha, the Chief Economist of CARE Ratings, said MOSPI’s projection of the GDP “seems to be relatively optimistic, surpassing the RBI’s estimate of 7% and our own projection of 6.8 per cent”. …

India’s real GDP growth for 2023-24 estimated at 7.3%
1 year ago

India’s real GDP growth for 2023-24 estimated at 7.3%

The Hindu  

India’s real GDP growth in 2023-24 is estimated at 7.3%, compared to 7.2% a year ago, as per the first advance estimates of national income released by the National Statistical Office on Friday, which reckon the economy will outperform the 7% uptick recently projected by the Reserve Bank of India. With GDP growth in the first half of this year …

India’s Q2 GDP growth beats estimates at 7.6%
1 year, 1 month ago

India’s Q2 GDP growth beats estimates at 7.6%

Hindustan Times  

India’s economy grew 7.6% in the second quarter of the year, exceeding analyst expectations comfortably on the back of higher government spending and a strong performance by the manufacturing and construction sectors. India’s Q2 GDP growth beats estimates at 7.6% {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} “The GDP growth numbers for Q2 display the resilience and strength of the Indian economy in …

Wrong to assess economic activity on GDP alone: Finance Ministry
1 year, 3 months ago

Wrong to assess economic activity on GDP alone: Finance Ministry

The Hindu  

The Finance Ministry on September 15 scotched aspersions cast by “certain sections” on the credibility of Indian GDP data, which showed a 7.8% uptick in the first quarter of this year, stressing that Indian GDP data is not seasonally adjusted and is finalised three years later so “it is wrong to look at the underlying economic activity based on GDP …

Real growth vs. fake arguments: And never the twain shall meet
1 year, 4 months ago

Real growth vs. fake arguments: And never the twain shall meet

Live Mint  

After India announced its fiscal first quarter GDP growth of 7.8%, several forecasters, including credit rating agencies, raised their forecasts for economic growth in calendar year 2023 or 2023-24. When statistical authorities reported a GDP contraction of around 25% in the first quarter of 2020-21, there was nary a murmur on the credibility of Indian statistics because it had reported …

An uneven rebound: The Hindu Editorial on the economy
1 year, 4 months ago

An uneven rebound: The Hindu Editorial on the economy

The Hindu  

India’s economy, as measured by the Gross Domestic Product as well as the Gross Value Added, grew 7.8% in the first quarter of the year. But the months ahead could prove to be more challenging with global headwinds that have hit goods exports and manufacturing already, combining with domestic pressures from the renewed spurt in inflation and the likelihood of …

India shows an impressive 7.8% economic growth in April-June quarter
1 year, 4 months ago

India shows an impressive 7.8% economic growth in April-June quarter

Associated Press  

NEW DELHI — India’s economy registered impressive growth of 7.8% in the first quarter of the current financial year, attributed to good performance by the agriculture and financial sectors, according to official data released on Thursday. India’s agriculture sector recorded growth of 3.5% in three months, up from 2.4% in the April-June quarter last year, according to the data released …

GDP growth to be higher than RBI's estimate of 8% for June quarter, say Economists
1 year, 4 months ago

GDP growth to be higher than RBI's estimate of 8% for June quarter, say Economists

The Hindu  

The country's real GDP growth in the first quarter will be better than the Reserve Bank's estimate of 8%, economists said on August 22 Economists at the country's largest lender SBI pegged the growth at 8.3% while domestic rating agency Icra estimated it to come even higher at 8.5% The Reserve Bank of India, which expects the GDP to grow …

Average household spending rose 3.5% from August 2023 to July 2024, shows govt. survey
1 year, 5 months ago

Average household spending rose 3.5% from August 2023 to July 2024, shows govt. survey

The Hindu  

India’s average household consumption spending on a per capita basis rose about 3.5% in real terms through August 2023 to July 2024 from a year ago, as per the Household Consumption Expenditure Survey, and the Centre asserted this signals a decline in consumption inequality as well as a narrowing gap between urban and rural spends. In real terms, the average …

Riding the momentum: The Hindu Editorial on National Statistical Office’s economic data and the economy
1 year, 7 months ago

Riding the momentum: The Hindu Editorial on National Statistical Office’s economic data and the economy

The Hindu  

The National Statistical Office’s provisional estimates of national income for the 12 months ended March and quarterly GDP estimates for the fourth quarter posit a picture of an economy that sustained momentum last year despite headwinds. Gross value added numbers for the fourth quarter point to a broad-based uptick in growth from the preceding three months, with the umbrella utility …

Beating estimates, India’s GDP expands 7.2% in FY23
1 year, 7 months ago

Beating estimates, India’s GDP expands 7.2% in FY23

Live Mint  

India’s economy grew at 7.2% in FY23, beating the 7% official forecast, driven by robust expansion in agriculture, construction, and services sectors and a rebound in manufacturing in the March quarter, data released by the National Statistical Office on Wednesday showed. Farm sector output expanded at a robust 5.5% adjusted for inflation, while the manufacturing sector rebounded from two consecutive …

Explained: What drove India's GDP growth in FY23?
1 year, 7 months ago

Explained: What drove India's GDP growth in FY23?

Live Mint  

In 2022-23, real gross domestic product growth—which is adjusted for inflation—was at 7.2%, against 9.1% in 2021-22. The difference between taxes earned and subsidies given on products grew by 10.1%—more than the GVA growth of 7%—and helped GDP grow by 7.2%. This implies an economic growth of 3.4% per year on average over these four years, clearly showing that even …

India's GDP grew at 6.1% in Jan-March quarter: Govt data
1 year, 7 months ago

India's GDP grew at 6.1% in Jan-March quarter: Govt data

Hindustan Times  

India's economy grew 6.1% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter, government data showed on Wednesday. The National Statistical Office, under the ministry of Statistics and Programme Implementation, announced that the GDP in the last quarter of the financial year 2022-23 is estimated at ₹43.62 lakh crore, as against ₹41.12 lakh crore …

ADB pares India’s growth hopes to 6.4%
1 year, 9 months ago

ADB pares India’s growth hopes to 6.4%

The Hindu  

The Asian Development Bank has slashed its growth projection for India for 2023-24 sharply from 7.2% estimated earlier to 6.4%, attributing the cut to the global economic slowdown, tight monetary conditions, and persistently elevated oil prices. While domestic consumption demand is likely to stay healthy, private investment growth is likely to be lower this year due to high lending rates …

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