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India's Economy Sags Further Into 2025
Growth momentum has weakened further in Q4. Our proxy index now shows real growth of 3.5% y/y coming into 2025. There's no collapse here, but it is a clear across-the-board slowdown.
We don't expect serious easing or stimulus in response. The external balance, the rupee, inflation and the fiscal position are all constraints on the government's ability to take significant action.
Meanwhile, equities remain expensive. The market has come down over the past couple of months, but multiples are still trading at wide gaps to the rest of EM.
India's Economy Sags Further Into 2025 (PDF)
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