India’s trade deficit shrank to a nine-month low at USD 17.5 bln in January, influenced by softening commodity prices and increasing tensions in the Red Sea. This figure is below the $20 billion deficit anticipated by economists. Exports and imports grew by 3.1% and 3%, respectively. HDBC Global Research forecasts India’s GDP growth to slow to 6% in FY24-25 from 6.9% in the previous fiscal year, citing statistical reasons, alongside reporting easing retail inflation in January and growth in industrial production in December 2023.