NEW DELHI ¨C After India achieved world-beating economic growth last year, its policymakers are scrambling to head off a sharp slowdown as worsening global conditions and domestic confidence wipe out a recent stock market rally.
On Tuesday, Asia¡¯s third-largest economy forecast an annual growth of 6.4% for its fiscal year ending March, the slowest in four years and below the government¡¯s initial projections, weighed by weaker investment and manufacturing.
The downgrade follows disappointing economic indicators and a slowdown in corporate earnings in the second half of 2024, which have forced investors to rethink the country¡¯s earlier outperformance and cast doubts over Prime Minister Narendra Modi¡¯s ambitious economic targets.
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