Is India gearing up for another few quarters of slow growth? As per the latest report by Nomura, the growth landscape still looks mixed. The latest report as per the Nomura India Growth Thermometer (NIGHT) suggests only a tepid improvement in the GDP momentum and as a result, FY26 is expected to be below 6%. What are the key headwinds for India? Nomura highlighted that they are forecasting India’s “GDP growth to be 6% YoY in FY25 and 5.9% in FY26.” This would be significantly lower than the RBI estimates at the recently concluded MPC meeting on February 7. According to the latest RBI estimates, FY26 growth is estimated at 6.7%. However, Nomura believes there are multiple growth headwinds.