This Goldman Sachs report analyzes the 2025 outlook for Indian equities. It forecasts a cyclical slowdown in domestic growth despite strong long-term structural potential, projecting a 6.3% GDP growth rate. The report anticipates range-bound markets in the near term due to high valuations and weak earnings, but predicts a 12-month Nifty target of 27,000. Goldman Sachs recommends a tactically neutral stance on Indian equities overall, favoring specific domestic sectors and upgrading exporters. Finally, the report identifies several investment themes, focusing on quality growth stocks and targeted alpha opportunities.