(Reuters) – Nomura on Friday raised its economic growth forecast for India’s fiscal 2024 to 5.9% from 5.5%, after data showed economy grew at its quickest pace in a year in the April-June quarter.
India’s Gross domestic product (GDP) expanded a more-than-expected 7.8% on an annual basis in the June quarter, Thursday’s data showed, accelerating from 6.1% growth recorded in the March quarter.
Nomura, however, lowered the country’s fiscal 2025 GDP growth rate to 5.6% from 6.5% as its sees weak monsoons, higher food inflation, likely slowdown in government capital expenditure and sluggish global growth pressuring domestic demand.
(Reporting by Susan Mathew in Bengaluru;Editing by Nivedita Bhattacharjee)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.