The Indian economy continues to demonstrate robust growth, with a real GDP growth of 8+% in FY2024. Core industrial activities show resilience, with steel and coal production surging by more than 10% year-on-year. May saw a record high in power generation as electricity demand soared, crossing 150 BU with a double-digit growth. Road toll collections picked up and freight traffic growth across ports and railways remains moderate. Despite the persistent gap between credit and deposit growth rates, May indicated early signs of an upturn in deposit growth. Consumer inflation maintained softened, though food inflation stayed elevated. Consensus forecasts a cumulative 50-bps rate cut by the RBI in the second half of FY2025. Expectations of increased number of rate cuts in the US are leading to moderation in US bond yields- Indian 10-year bond yields dipped below 7%.