Economy India presents a picture of 'short-term despair amid medium-term hope', according to Nomura Updated : July 31, 2019 12:22 PM IST Nomura believes India's GDP growth is yet to bottom out and expects it to further moderate to 5.7 percent in the June quarter from 5.8 percent in the March quarter. As per the global brokerage, high-frequency indicators suggest a further slowdown in economic activity in Q2. Nomura expects RBI to reduce interest rate again next week. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.