The slowdown in growth experienced by the Indian economy in Jul-Sept is "serious" and lower borrowing costs could be crucial in boosting private investment as well as consumption, according to Nagesh Kumar, one of the three external members on the Reserve Bank of India's Monetary Policy Committee.
"I believe that the growth slowdown in Q2 of 2024-25 to just 5.4% from 6.7% was serious because it largely reflected the slowdown of the manufacturing sector. The deceleration of manufacturing growth from 7.0% to just 2.2% was rather sharp," Kumar told Informist in an e-mail interview following the release of the minutes of the MPC's Dec. 4-6 meeting on Friday.
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