India GDP Growth 2024 Live: What’s slowing GDP growth?

Private consumption, constituting approximately 60% of India’s gross domestic product (GDP), has experienced a decline in urban areas, according to economists. This downturn stems from elevated food inflation, increased borrowing expenses and stagnant real wage progression, despite indications of improvement in rural consumer spending.

The retail food component, which represents about half of the consumer spending basket, registered a 10.87% increase year-on-year in October, significantly diminishing household purchasing capacity.