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Solid growth in run-up to election

India’s economy has grown at a healthy clip over recent quarters and, with the help of government spending, we think it will continue to hold up well ahead of next year’s general election. Given also that food inflation has picked up again, the RBI will be in no rush to loosen policy. We think rate cuts will only materialise in the second half of 2024, much later than in most other EMs.

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