India's growth in the July-September quarter (Q2 of FY25) slowed to 5.4%, down sharply 8.1% in the same period last year and 6.7% in the April-June quarter (Q1 of FY25). The RBI has projected a full-year GDP growth of 7.2% for 2024-25 and the Finance Ministry expects growth in the 6.5% to 7% range, but this may require a sharp rebound in the second half of the year as real GDP had risen 6% between this April and September. This is the slowest six-month growth print since the second half of 2022-23 when GDP rose 5.3%, and markedly lower than the 8.2% rise recorded in the first half of 2023-24.