Q2 growth shocker puts pressure on RBI to cut rates
Gross domestic product grew 5.4% in the three months to September from a year earlier, the Statistics Ministry said in a statement on Friday. That’s the worst reading since the fourth quarter of 2022 and much lower than the central bank’s projection of 7% for the period. None of the 44 economists surveyed by Bloomberg had predicted such a slow pace of expansion.
Bonds rallied as traders now expect the central bank to start loosening monetary policy. The yield on the 10-year benchmark bond fell 6 basis points to 6.74%.
The data is likely to prompt economists to further downgrade their GDP growth forecasts for the year through March 2025. Investment banks like Goldman Sachs Group Inc. are already predicting growth as low as 6.4%.
The figures will also put pressure on the Reserve Bank of India, which has been predicting growth of 7.2% for the full year, to cut interest rates. The next monetary policy decision is scheduled for Dec. 6.
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