Indian Consumer Spending Set for Modest Rise This Festival Season, Unlikely to Bolster Economic Growth
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Indian consumer spending during this year's festival season expected to be slightly better than last year but not enough to significantly boost economic growth.
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India's GDP growth forecast to average 6.3% this fiscal year and next, unchanged from previous predictions.
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About 75% of economists surveyed said festival season spending will be higher than last year.
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Inflation expected to average 5.5% this year and 4.8% in 2024, above RBI's target range.
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RBI expected to leave repo rate unchanged at 6.5% until at least end-June 2023, with first cut potentially in July-Sept 2023.
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