India's growth to be driven by domestic demand as external environment stays uncertain: Morgan Stanley

Contributing sentiments towards policy:

58% : Capacity utilisation has stayed above the long-term average for the past year, while new private investments are gaining traction in sectors such as clean energy, data centres, semiconductors, electronics, EVs, industrial real estate and healthcare.
47% : With 100 bps of rate easing in 2025 already transmitted and additional tax reforms, including income tax cuts worth Rs1 trillion and GST rationalisation, disposable incomes are rising.
44% : However, services exports remain more resilient, up about 11 per cent in CYTD25, but face uncertainties from US immigration policy changes such as the steep hike in H-1B visa fees to USD 100,000 and the proposed HIRE Act, which would impose a 25 per cent excise tax on offshore services.

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