New Delhi, Sept. 1 -- Despite global headwinds ranging from tariff volatility to geopolitical tensions, NSE's Macro Review report notes that India's GDP momentum could ease over in next few quarters as higher tariffs begin to weigh on exports. At the same time, a possible rationalisation of GST rates ahead of the festive season, combined with ongoing personal income-tax changes, is expected to support consumption-driven sectors.

It cautions that fresh tariff actions and their ripple effects on exports and private investment could pose risks. The uncertainty around US tariffs, in particular, may temper corporate risk-taking.

The report expects India to stay on track to deliver its anticipated 6.5 per cent growth for the fiscal year. Dome...