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India's GDP growth set to slow further in April-June quarter to 5.7%: Nomura report

India's economic growth is set to slow further in the April-June quarter of this year to 5.7 percent amid contraction in consumption, weak investments and an under-performing service sector, says a Nomura report.

According to the global financial services major, even though growth is set to slow further in Q2 (April-June) the economy is expected to see some recovery in the July-September quarter.

The report added that some indicators are showing early signs of bottoming out. Data so far for July show that 53 per cent of indicators have improved compared with 31 per cent in June, the report noted.

Nomura's Composite Leading Index (CLI) for Q3 (July-September) has ticked marginally higher to 99.9 from 99.8 in Q2, led by higher industrial production growth, an improvement in visitor arrivals growth, equity markets and lower policy rates.

"While the concurrent state of the economy remains quite concerning, nascent signs of green shoots and positive performance of leading indicators provide some signs that a recovery may be slowly materialising," the Nomura report said.

India's economic growth slowed to 6.8 percent in 2018-19 - the slowest pace since 2014-15. There are ominous signs showing that slowdown may be deep.

Consumer confidence is waning, foreign direct investment has plateaued and international trade and currency war is further aggravating the problem.

The Central Statistics Office (CSO) will come out with the GDP figures for the first quarter (April-June) on August 30.


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