Analysts believe that the anticipated growth slowdown in the United States will impede India’s growth trajectory in the medium term.
According to Nomura’s Nomura India Normalization Index (NINI), the Indian economy is currently racing back to above-normal levels, spurred by broad-based increases across consumption, investment, industry, and the external sector, according to a note released on Thursday.

In March 2022, the service sector was trailing at roughly 4pp below pre-Covid levels, but is now trending at close to 40pp above those levels. This improvement is projected to help the Indian economy’s growth trajectory in the short term.