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RBI Grade BNABARD ESISEBI
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India’s Economy Slows in July-September

National Bank for Agriculture and Rural Development NABARD in India • Mission Promote sustainable and equitable agriculture and rural development. • Functions Promote develop refinance financ 18
Credit: Business Line
  • India’s economy expanded by only 5.4% year-on-year in July-September, despite a 6.5% increase in GDP.
  • The growth in GDP was lower than the 6.5% projected by a Reuters poll and the central bank’s 7% estimate.
  • Despite this, India remains one of the fastest-growing major economies, with government officials and economists forecasting a potential regaining of momentum in the second half of the fiscal year.
  • The Reserve Bank of India (RBI) predicted GDP growth of 7.2% for the fiscal year ending in March 2025.
  • Private consumption, accounting for 60% of GDP, has been hit by slower urban spending due to higher food inflation, high borrowing costs, and weak real wage growth.
  • India’s finance and trade ministers have called for interest rate cuts, but the central bank is expected to keep policy rates unchanged next week.
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