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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