India has enjoyed a historic stock market run over the past two years, as investors bought into the south Asian giant’s strong economic growth narrative and sought to reduce exposure to China. But much of the shine has come off Indian markets in recent months as a spate of weaker data and persistently high inflation has raised questions about the fundamentals underpinning the world’s fastest-growing G20 economy. Foreign investors sold off about $11.
5 per cent, the RBI has continued to hold its key lending rate at 6.5 per cent since early 2023 — drawing outcry from ministers in New Delhi, who say high borrowing costs are hurting businesses. India’s finance minister Nirmala Sitharaman said in December that the drop in economic growth was a “temporary blip”. But many economists believe the slowdown is not just seasonal, pointing to a drop in spending among overleveraged urban and middle-class Indians.
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