Notably, in the April-June quarter, India’s GDP growth slowed to 6.7 per cent owing to a decline in government spending as a Model Code of Conduct was put in place for the General elections, government data showed on August 30.
Last week’s data also suggested India’s primary sector comprising agriculture and mining industries witnessed a dip at 2.7 per cent on an annual basis as against 4.2 per cent in the corresponding period of FY24.
Further, while the secondary sector consisting of manufacturing and electricity industries recorded a significant growth of 8.4 per cent on an annual basis, the tertiary sector slipped to 7.2 per cent annually, when compared to its growth of 10.7 per cent in FY24.
Meanwhile, Goldman Sachs and J.P.Morgan maintained their FY25 GDP forecast for world’s fifth-largest economy at 6.5 per cent.
Nomura lowered its forecast for India to 6.7 per cent from 6.9 per cent.
