Nomura raised India's economic growth forecast for fiscal year 2023-24 (FY24) to 5.9 percent from 5.5 percent previously, according to a report.

India's Gross Domestic Product (GDP) increased 7.8 percent year on year in the June quarter, meeting analysts' expectations.

The figure increased from 6.1 percent growth in the March quarter.

However, Nomura reduced the country's GDP for FY25 due to a weak monsoon and higher food inflation, which may result in a slowdown in government capital expenditure and sluggish global growth, which will put pressure on domestic demand.