The Report delves into the FY25 GDP print which was broadly in line with expectations. It posits PFCE and GFCF as the drivers of growth, with GFCF being resurgent in Q4. GVA also grew during the fiscal led by services. Construction did the heavy lifting in industry GVA, with agriculture doing better than expectations. Q4 GDP surprised on the upside, with a vast lead over GVA due to low subsidy payments. The Report concludes with an outlook for FY26.
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