India’s economic momentum continues to hold steady. Despite an unpredictable monsoon, reservoirs have been adequately refilled. The Purchasing Managers’ indices indicate that the manufacturing and services sectors are on an upswing. Tax collections, particularly indirect taxes that mirror economic activity, are showing robust growth alongside a healthy increase in bank credit. Inflation is easing, and exports of goods and services are outperforming last year’s figures. The stock markets maintain their levels, and foreign direct investment is rising, with gross inflows increasing. At this point, the real GDP growth projection of 6.5-7.0% for FY25, as outlined in the Economic Survey for 2023-24, appears to be well-founded.
