Pranjul Bhandari of HSBC predicts that in FY25, both central and state government capex will grow at a slower clip. However, this slowdown may not be negative for growth as the central bank is expected to implement looser monetary conditions. Bhandari suggests that the central bank will ease liquidity, which can effectively act as a rate cut of about 40 to 50 basis points. While the rural economy has faced challenges, the construction sector has provided an alternate source of income for rural Indians