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Q1FY25 GDP Update_Aug’24: Private Consumption Story Adds Colour to Govt Capex Glory

The Report analyses the GDP print for Q1FY25, and situates the lower than expected number in weaning base effects and gentler government spending during the quarter. Saluting the continued impetus on government capex, it notes that private consumption has finally picked up. This is evidenced by growth in PFCE and will be carried forward by rural joy as an above normal monsoon unfolds. Presenting a view on real GDP for FY25, it concludes by elucidating upside and downside risks towards the same.

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