An article on ‘State of the Economy’ published in the November Bulletin also noted that domestic financial markets are seeing corrections with relentless hardening of the US dollar and equities being under pressure from persistent portfolio outflows.
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“In India, the slack in speed observed in the second quarter of 2024-25 is behind us as private consumption is back to being the driver of domestic demand with festival spending lighting up real activity in Q3. “The medium-term outlook remains bullish as the innate strength of the macro fundamentals reasserts itself,” it said.
The article also said global economic activity remained resilient during Q4 2024 amidst fragile confidence and rising protectionism. The article has been prepared by a team led by RBI Deputy Governor Michael Debabrata Patra. The RBI, however, said the views expressed in the Bulletin article are of the authors and do not represent the views of the central bank.
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