India’s GDP growth in the first quarter of FY25 has slowed to 6.7%, still above the decade average of 6.4%. The report by SBI highlights weak performance in agriculture and services sectors as factors. Nominal GDP, however, grew by 9.7%. Annual growth projections may be revised downwards to 7.0%.
Banks unlikely to reduce deposit rates despite RBI easing
Following the latest repo rate decrease, bankers foresee only slight adjustments to deposit rates. The landscape, characterized by sluggish savings yields and elevated credit-deposit ratios,