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Economists at the country's largest lender, SBI, today said they see India's Q2 real GDP growth slowing down further to 6.5% in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and whether it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7%. SBI analysts join a long line of agencies like Fitch, ADB, IMF, Moody, World Bank, S&amp;P, and even RBI in forecasting India's GDP growth for FY25 in the range of 6.8% to 7.2% for FY25, driven by robust consumption and investment. SIP inflows have been at an all-time high, and so has QIP (qualified institutional placement) fundraising. As many as 71 companies raised Rs 88,678 crore this year through QIPs. Activity in Indian primary markets also remained robust, with 78 mainboard IPOs in 2024; this is a 111% rise from just 38 listings in FY23. Between April and June 2024, India's real GDP grew by 6.7%, the lowest growth seen in 15 quarters, pushing experts to believe that India is caught in a cycle of slowdown. "There is some incipient pressure evident on the domestic economy. Based on our analysis of 50 meaningful leading indicators (both consumption and demand-centric), a dip looks plausible across select cohorts of agriculture, industry, and services in Q2," the <keyword id="22337294" type="General" weightage="20" keywordseo="SBI-economists" source="keywords">SBI economists</keyword> added. Stating that they track 50 indicators to gauge economic activity, SBIs note said the proportion of indicators showing acceleration declined to 69% in Q2 FY25, as against 80% in Q2 FY24 and 78% in Q1 FY25. However, things might be changing now, given that rural demand has started looking up amidst muted urban demand. SBI also explained that the ongoing regulatory tightening on unsecured lending and roadblocks that are hindering rollover/refinancing of debt through unsecured credit are dismantling the unwarranted exuberance that had built up post-pandemic, especially in the urban areas. Madhu Lunawat, CIO &amp; Fund Manager, Bharat Value Fund states that the overall investment environment remains strong due to favorable economic conditions supporting government policies &amp; reforms. "The sustainable inflow from domestic investors is going to support the Indian equity market in any kind of correction. The long-term bullish structure of Indian economy will continue to attract new domestic &amp; global investors to participate in India’s growth story through various Investment avenues.” <h2>Rate cuts not on cards</h2>RBI Governor Shaktikanta Das clarified today that changing the monetary policy stance to 'neutral' does not mean a rate cut is imminent in the central bank's next policy announcement. Notably, RBI MPC is set to meet between December 4 and 6, 2024, to decide if the prevailing repo rate of 6.5%, which has stayed unchanged for the last 2 years, should be brought down or not. In its last meeting, The <keyword id="20501100" type="General" weightage="20" keywordseo="RBI-monetary-policy" source="keywords">RBI monetary policy</keyword> committee had shifted its stance to 'neutral' indicating that it is open to adjusting interest rates based on economic conditions. "It should not be assumed that we have done this, so therefore the next step is a rate cut. A change in stance doesn't mean that the next step is a rate cut in the very next meeting. It's not so," Das said. Das also cautioned that inflation remains a key factor, and inflation and CPI prints for October are expected to stay high.

SBI economists see Q2 GDP growth slowing down to 6.5%; FY25 growth to be closer to 7%

Dear readers, As another week ends and festive season lights up India, the world of business, tech, and sustainability brings you some new stories to explore. <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> is preparing for a grand IPO launch, expected to open on November 6, which could set the tone for India’s tech sector. Meanwhile, a Blinkit customer was in for a shock when he ordered a gold coin online. There was also a stark forecast that India could lose 25% of its economy by 2070 if immediate action isn’t taken. In addition to this, <keyword id="19974102" type="General" weightage="20" keywordseo="Amazon-Web-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Web Services" meta.hostid="261" meta.entityid="Amazon Web Services">Amazon Web Services</keyword> CEO was in the limelight for his comments on <keyword id="20294959" type="General" weightage="20" keywordseo="work-from-office" source="keywords">work from office</keyword> mandate. <h2>Top stories of the week </h2> Swiggy sets IPO price band between ₹371-₹390; offer likely to open on November 6 Swiggy has announced its initial public offering (IPO) price band, which will range between ₹371 and ₹390 per share. The much-anticipated IPO includes both fresh issues and an offer for sale, and it is expected to open on November 6. Swiggy’s move to go public this year highlights its growth trajectory as one of India’s top tech IPOs, with proceeds likely aimed at expanding its footprint and product offerings. <a href="https://www.businessinsider.in/stock-market/news/swiggy-sets-ipo-price-band-between-rs-371-390/share-offer-likely-to-open-on-november-6th-heres-all-you-need-to-know/articleshow/114722518.cms" data-type="tilCustomLink" target="_blank">Read more</a> “I was scammed, cried while talking to delivery executive,” man orders gold coin from Blinkit, claims to receive wrong item In a recent incident, a Delhi resident reported receiving a 0.5 gm gold coin instead of the 1 gm he had ordered from Blinkit. Despite sharing evidence and CCTV footage, Jain’s complaints were not addressed in time, as Blinkit’s support team said the complaint window had closed. The issue has sparked a social media discussion, highlighting concerns about quality control and customer service on e-commerce platforms. <a href="https://www.businessinsider.in/tech/news/i-was-scammed-cried-while-talking-to-delivery-executive-man-orders-gold-coin-from-blinkit-claims-to-receive-wrong-item/articleshow/114767787.cms" data-type="tilCustomLink" target="_blank">Read more</a> India could lose a quarter of its economy by 2070, here’s why A new report has forecast that India’s economy could shrink by up to 25% by 2070 due to unchecked climate risks. Key sectors across the country may face significant productivity and revenue losses if policies aren’t adapted to mitigate these impacts. This sobering projection calls for urgent action in sustainability efforts to protect India’s economy and ensure long-term resilience against climate-induced disruptions. <a href="https://www.businessinsider.in/sustainability/news/india-could-lose-a-quarter-of-its-economy-by-2070-heres-why/articleshow/114840631.cms" data-type="tilCustomLink" target="_blank">Read more</a> 'Find another company if it doesn’t work for you’: Amazon Web Services CEO on work from office mandate Amazon Web Services (AWS) CEO Adam Selipsky has reaffirmed the company’s commitment to a work-from-office mandate, even suggesting that employees unhappy with the policy may want to consider alternatives. AWS’s stance underscores Amazon’s prioritization of in-office work, aligning with its broader efforts to encourage collaboration. The decision comes as many tech firms continue to face challenges in balancing remote and in-office work. <a href="https://www.businessinsider.in/tech/news/find-another-company-if-it-doesnt-work-for-you-amazon-web-services-ceo-on-work-from-office-mandate/articleshow/114677655.cms" data-type="tilCustomLink" target="_blank">Read more</a> Partner pay at big 4 firms is dropping, the latest sign of the consulting slowdown A slowdown in the consulting industry is leading to notable reductions in partner pay at Big 4 firms. This comes as demand for consulting services sees a dip amid economic uncertainty, with firms choosing to cut back on bonuses and other expenses. This trend reflects broader economic pressures affecting consulting firms worldwide, forcing some to rethink their strategies and compensation models. <a href="https://www.businessinsider.in/finance/news/partner-pay-at-big-4-firms-is-dropping-the-latest-sign-of-the-consulting-slowdown/articleshow/114696160.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories </h2> <a href="https://www.businessinsider.in/travel/india/webstories/8-incredible-getaways-from-jaipur-this-november/slidelist/114769420.cms" data-type="tilCustomLink" target="_blank">8 incredible getaways from Jaipur this November</a> <a href="https://www.businessinsider.in/science/health/food/webstories/weight-loss-myths-debunked-facts-you-need-to-know/slidelist/114726093.cms" data-type="tilCustomLink" target="_blank">Weight loss myths debunked</a> <a href="https://www.businessinsider.in/thelife/webstories/9-budget-friendly-bhai-dooj-gifts-to-make-your-sister-feel-special/slidelist/114841910.cms" data-type="tilCustomLink" target="_blank">9 budget-friendly Bhai Dooj gifts</a>

Weekend wrap: Swiggy IPO price band, BlinkIt gold coin customer's ordeal, India's GDP woes, and more

India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

Simplifying economy: GDP to PPP — essential terms you need to know

Top 10 countries with the highest GDP in 2024! See where India stands

After the exit polls predicted a landslide victory for the BJP-led NDA over the weekend, Sensex gained over 2,000 points on Monday. However, the actual results the next day turned out to be a rude shock for the investors hoping for a stable government and policy continuity. By Tuesday noon, Sensex shed over 5,000 points as it became clear that there will be a government based on alliance at the centre. Since then, the markets have slowly recovered and are back in the green again. But now all eyes are on the ongoing <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) <keyword id="6375120" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="Orion">Monetary Policy Committee</keyword> (MPC) to determine the future course for the investors. RBI is gearing up to announce its monetary policy on June 7, with the meeting, led by Reserve Bank Governor Shaktikanta Das, currently in session in Mumbai. This gathering follows closely on the heels of a renewed but less robust mandate for the NDA government, spearheaded by Prime Minister Narendra Modi. In this session, the RBI faces the task of deciding on <keyword id="43352" type="General" weightage="100" keywordseo="repo-rate" source="Orion">repo rate</keyword>s amidst inflationary challenges. For context, the repo rate is the interest rate at which the RBI lends to banks. When the repo rate is cut, it makes borrowing cheaper for banks, which in turn leads to lower loan rates and consequently, reduced EMIs. The central bank last increased the repo rate to 6.5 percent in February 2023, and has maintained this rate through the last seven bi-monthly policies. Should the RBI decide to leave interest rates unchanged on June 7, it would mark the eighth consecutive instance of maintaining the status quo on the benchmark repo rate. <cmsannotation type="cmsannotation" annotationid="Repo rate cut unlikely: Experts" comment="subhead" text="Repo rate cut unlikely: Experts"><keyword id="931605" type="General" weightage="20" keywordseo="repo-rate-cut" source="Orion">Repo rate cut</keyword> unlikely: Experts</cmsannotation> Experts suggest that a repo rate cut is unlikely, given the current growth momentum which has been revised upwards by several rating agencies. <keyword id="5141750" type="General" weightage="20" keywordseo="Swati-Saxena" source="Orion">Swati Saxena</keyword>, Founder &amp; CEO of 4 Thoughts Finance, a wealth management firm, echoes these views, anticipating a cautious approach from the RBI. Saxena remarked: “Recent economic indicators reveal a deceleration in GDP growth to 7.8% year-on-year in the fourth quarter of the last fiscal year, down from 8.6% in the preceding quarter, yet an improvement from the 6.1% growth observed in the corresponding quarter of the previous year. This nuanced economic landscape suggests the RBI will likely prioritise bolstering economic recovery while vigilantly monitoring inflationary trends. All things considered, Saxena expects the RBI to maintain current policy rates to stimulate investment and consumption, while carefully balancing the imperatives of fostering economic growth and mitigating inflationary pressures. She adds that the investor sentiment is likely to remain optimistic, buoyed by the market's ongoing resilience and steady performance. This positive outlook is supported by robust economic indicators, strong corporate earnings reports, and sustained confidence in future growth. Additionally, the influx of institutional investments and continued liquidity availability are expected to uphold this bullish market sentiment, ensuring its persistence in the foreseeable future. Meanwhile, as the MPC continues its deliberations, market volatility may persist, particularly impacting stocks that are sensitive to interest rate changes.

You Searched For "India GDP" and got 7 results

SBI economists see Q2 GDP growth slowing down to 6.5%; FY25 growth to be closer to 7%

BI India Bureau

Weekend wrap: Swiggy IPO price band, BlinkIt gold coin customer's ordeal, India's GDP woes, and more

Divyanshi Sharma

India likely to grow at 7.2% in FY25, says RBI deputy governor

PTI

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

ANI

Simplifying economy: GDP to PPP — essential terms you need to know

Kapil Yadav

Top 10 countries with the highest GDP in 2024! See where India stands

Kunal Kambli

After a volatile week, all eyes on RBI’s Monetary Policy meeting! But experts expect no change in repo rate

Kunal Kambli

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