Historically, such large years are not followed by another huge year. So, strictly going by that, we should be less enthusiastic, says Pankaj Vaish, MD, Nomura Financial Advisory.
Describing the "lower agriculture output" as the "immediate challenge", Nomura said it could be a drag on GDP in the next quarter and on rural consumption. "But we expect urban consumption to rebound due to better job prospects," it said.
Rate cuts are unlikely to be aggressive, in our view.
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