The Crisil financial conditions index fell to minus 0.4 in November from minus 0.2 in October, indicating tighter financial conditions in India.
Two factors were responsible: a reduction in net foreign portfolio investor inflows and weakness in the rupee.
Crisil Ratings expects retail inflation to average 2.5 per cent and GDP growth to rise to 7 per cent in FY26.
Consumption is expected to stay healthy.