JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
India Ratings and Research (Ind-Ra) expects 6.5% GDP growth in FY25, which is a slight drop from 7.3% in the previous fiscal year. The study indicates a healthy economic rebound despite this downturn, driven by steady government capital expenditure, solid business performance, and a well-balanced financial sector. An encouraging aspect of the picture is the potential for a future cycle of private company capital expenditures.
The report flags concern about consumption demand, particularly in goods and services favoured by households in the upper-income bracket. While government capex drives aggregate demand, Ind-Ra emphasizes the necessity for a more diversified consumption demand growth, urging a focus on households with lower incomes. Although the private sector's greenfield capex remains sluggish, the report identifies signs hinting at the potential for a new cycle.
The outlook for global exports in FY25 is challenging due to the growth slowdown in advanced economies and increased trade distortions/geopolitical fragmentation. India's goods and services exports experienced a negative growth rate of 0.14% during the first 10 months of FY24. Additionally, the rise in Wholesale Price Index (WPI) inflation, similar to the producers' price index, poses concerns for gross value added (GVA) and corporate profitability in FY25. WPI, which was in deflation from April to October 2023, has shifted to inflation since November 2023.
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