Nomura lowers its FY25 economic growth forecast for India to 6.7%

Nomura lowered its FY25 economic growth forecast for India to 6.7 per cent year-on-year from 6.9 per cent after official data on Friday showed the country's gross domestic product (GDP) grew slower than expected on an annual basis in the April-June quarter.

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India's GDP rose 6.7 per cent, less than the 6.9 per cent forecast by a Reuters poll and the 7.8 per cent growth in the previous quarter, as a decline in government spending during national elections weighed.

A slowdown in India's economy is expected to be temporary as economists forecast that easing inflation and a pickup in government spending will shore up growth in the coming months.

Separately, Goldman Sachs and J.P.Morgan maintained their FY25 GDP forecast for Asia's third-largest economy at 6.5 per cent.