HSBC analysts say that India's GDP growth may slow down, with an average growth rate of 5.8% in the 2024 fiscal year, and point out some risks that make them cautious. In recent weeks, global commodity prices such as oil have risen and remain particularly unstable. The El Ni ñ o weather phenomenon has also affected India's rural economy, widening the urban-rural gap, and indicators such as rural real wages and non durable goods consumption are also weakening. Although the slowdown in service exports is temporary, it may also weaken the growth of gross domestic product. HSBC expects that the Bank of India will continue to tighten liquidity conditions against the backdrop of high US bond yields and uncertain domestic inflation in India.