India Economy – Cyclical Slowdown

• GDP Growth at 6 quarter LOW

• IIP Growth almost Zero

• Consumption Slowdown

• Pay commission impact BEHIND us

• Monetary conditions were tight – Real Interest rates were very high

• Oil stimulus is fading

• Weak exports due to decline in world trade

Road to Recovery

• High Capacity Utilisation may lead to recovery in Investment Growth

• Housing affordability is on a rise which may lead to Recovery in Household Capex

• Low Domestic Inflation leading to dovish turn in Monetary Policy

• Policy Real Rates turning positive

• Insolvency and Bankruptcy Code resulting in healthy & quicker pickup in debt recoveries

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