evidence: Despite weakness in the fourth quarter, we expect growth to rebound in 2019Q1 and 2019Q2 on the back of favourable fiscal and monetary policies. As expected, the FY2019/20 Union Budget, presented on 1 February to Parliament, contains a number income support programs. One of the most noteworthy measures is a farmer income support program of 75bn INR (USD 10.5bn), which is broken down in trances of 20bn for the fiscal 2019/20 and 55bn for fiscal 2020/21. See here a link to the Union Budget and our India 2019 Economic Outlook. Ultimately, we revise downward our expected GDP growth rate for fiscal 2018/19 from 7.4% to 7.1% (Figure 8). [...] The expected slowdown is not surprising given the disappointing global economic data, which also has repercussions for India’s external sector. On the internal front, we see increasing weakness in private consumption and industrial production, whereas the services sector seems to be holding up quite well. Ultimately, we revise downward our expected GDP growth rate for fiscal 2018/19 from 7.4% to 7.1%.