India Ratings and Research on Monday revised upward the country's GDP growth estimate for FY25 to 7.1 per cent from 6.5 per cent earlier. The projection is marginally higher than the Reserve Bank's estimate of 7 per cent. In a statement, the domestic rating agency said strong support from the sustained government capex, deleveraged balance sheets of corporate and banking sector, and the incipient private corporate capex cycle make it revise its estimate. It said that factors that may constrain growth include consumption demand not being broad based and the headwinds faced by exports due to sluggish growth globally. The agency said it expects the growth in private final consumption expenditure to jump to 7 per cent in FY25, up from 3 per cent in FY24, and added that this will be a three-year high. "Current consumption demand is highly skewed, as it is driven by the goods and services largely consumed by the households belonging to the upper income bracket," it said, adding that rur