New Delhi [India], October 21 (ANI): India's growth outlook is supported by robust domestic engines, in spite of geopolitical tensions, asserted the RBI's monthly bulletin published on Monday.

Some high-frequency indicators have, however, shown a slackening of momentum in the second quarter of 2024-25 partly attributable to idiosyncratic factors like unusually heavy rains in August and September.

Also Read | Sharvari Plays Padel in Sexy Black Athleisure As She Serves Hot Monday Motivation, View Photos.

Looking ahead, RBI said private investment is showing some encouraging signs while consumption spending is shaping up for a festival season revival.

"After remaining below target for two consecutive months, inflation surged in September, as an adverse statistical base effect was compounded by a resurgence in food price momentum," RBI bulletin read.

Also Read | On Which Channel Hong Kong 2024 Live Telecast in India Will be Available? How To Watch Live Streaming Online of HK6 Cricket Tournament? Get Broadcast Details.

In parallel, there are other high-frequency indicators that show steady growth.

Consumption spending is shaping up for a festival season revival, especially in small towns and lower tier cities, RBI said.

"Despite high prices tempering some of the enthusiasm, many buyers are prioritising discounts. Survey respondents are pointing to higher spending, driven by wardrobe updates, electronics, home decor and jewellery purchases. Packaged food companies are ramping up supply chains and offerings for the festival seasons in expectations of an uptick in demand in both urban and rural regions," RBI said.

Although initial e-commerce sales have been underwhelming, retailers are expecting a late season push. The bulletin said consumer spending is expected to be about 25 per cent higher than during Dussehra Diwali last year.

There are also expectations of a surge in hiring of gig workers for the festival season.

Foreign portfolio investments (FPIs) in equities and debt have been buoyant through June to September 2024, drawn by pull factors in the form of India's growth story, a booming initial public offering (IPO) market and the increasing weight of India in global indices.

In fact, India has led the global IPO market during 2024 so far, with both small and medium enterprises (SMEs) and the mainboard segment contributing to the surge.

The stage appears set for mega IPOs to shine this Diwali, with several companies lining up make their shares public.

However, in October FPIs have been a net seller in India. They have so far sold Rs 3,734 crore worth of equities in India on a cumulative basis. In the past five months, they have been net buyers. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)