India has entered cyclical growth slowdown, RBI's 7.2 pc estimate 'overly optimistic': Nomura

Nomura reports that the Indian economy is experiencing a cyclical growth slowdown, with urban consumption indicators weakening. The brokerage believes the Reserve Bank's GDP growth estimate of 7.2% for FY25 is overly optimistic, highlighting issues such as salary moderation and a decrease in personal loans and lending growth.