India is in a favorable macroeconomic position, with growth rates higher than all large economies. Despite the conflicting GDP-vs-GVA metrics, food and retail inflation have eased. The twin deficits are in good shape, with the current account balance recording a surplus in Q4 of FY24. The revenue upside from the higher-than-anticipated RBI dividend and healthy tax revenues suggest a comfortable fiscal scenario. However, there are unevenness in sectoral growth, consumption trends, and sentiment.
