Prime Minister Modi begins his third term with a weakened mandate, but an economy that is primed to grow by 6.5-7% per year between 2024 and 2026. That would put India on course to become the world’s third largest economy within the next couple of years. Meanwhile, with inflation grinding back down to the RBI’s 4% target, we think there is scope for more rate cuts this year than the consensus is expecting.
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