New Delhi, July 14 -- India's economic growth cycle may be bottoming out, supported by a combination of favorable macroeconomic factors such as the interest rate and liquidity cycle, a decline in crude oil prices, and a forecast of a normal monsoon, according to a report by HSBC Mutual Fund.

The report highlighted that these supportive factors could help drive a pick-up in growth in the coming quarters.

"We believe growth cycle in India may be bottoming out. Interest rate and liquidity cycle, decline in crude prices and normal monsoon are all supportive of a pick-up in growth going forward," the report stated.

While global trade related uncertainties are expected to remain a headwind to private capital expenditure in the near term, the...