Consumption Boost To Drive India’s Near-Term Growth: BofAML

India’s near-term growth will be driven by higher consumption through lending rate cuts and hikes in central government employee pay, rather than capex or reforms, notes Bank of America Merrill Lynch. Indranil Sen Gupta and Abhishek Gupta of BofAML in their June 1, 2015 research report in “India Economic Weekly” believe the Reserve Bank of India will cut 25 bp on June 2 and another 50 bp in early 2016. BofAML trimmed India’s FY16 GDP forecast to 7.5% According to the Bank of America analysts, despite headline March quarter GDP growth surprising to the upside at 7.5% due to a…