Pranjul Bhandari, HSBC’s chief economist for India and Indonesia, stated that 55% of economic indicators continue to grow positively, reflecting resilience amidst sectoral challenges. However, consumption is slowing, with urban areas hit harder due to reduced discretionary spending, inflation, and slower wage growth. Consumer goods manufacturing is also softening, while industrial goods production and infrastructure-related manufacturing remain strong. Agriculture, bolstered by favorable monsoons, shows promise, potentially boosting rural consumption. Rising government expenditure on infrastructure and rural development is expected to provide further economic support in the coming months.