Expert view, Jan. 27 -- Harshad Borawake, the head of research and fund manager at Mirae Asset Investment Managers (India), believes the Indian economy's slowdown may be cyclical rather than structural. In an interview with Mint, Borawake said that measures to stimulate consumption and some relief to the middle class could be expected in Budget 2025 due to the recent urban slowdown.

Apart from earlier periods of strong returns and relatively higher valuation, the recent market correction can be attributed to urban consumption weakness, falling government capex, difficult geopolitics, earnings slowdown, and sharp FII (foreign institutional investors) selling.

We believe these factors are more transitory, and any decisive turnaround in so...