New Delhi, July 9 -- India's growth momentum could come under pressure in the second half of FY27 as demand-related risks begin to outweigh the cyclical tailwinds that supported the economy earlier, according to a Nuvama report.

The report said the impact of GST cuts is likely to fade, while the possibility of an El Nino, slowing top-line growth as the effects of higher commodity prices and rupee depreciation become part of the base, and weak income and credit multipliers could weigh on demand.

"The impact of GST cuts will fade. El Nino poses risks to demand outlook... Commodity prices, which started to rally from September 2025, and the tailwinds of INR depreciation should now be a part of the base. Unless there is a fresh rally in eit...