High frequency indicators for Q1 suggest India's growth momentum softened at the start of 2025 after some recovery in Q4 2024. We expect activity to slow further in the coming quarters and have revised our GDP growth forecast to 6.5% in 2025, down from 6.7% previously, and 6.6% in 2026, down from 6.8%. In fiscal year terms, we now expect 6.4% growth in FY2025/26.
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