India's economic trajectory will see a significant reset as global uncertainty partly impacts main drivers that include agricultural, informal, and formal consumer groups, HSBC said in a release.

A change in the groups' behavior will impact all economic variables, especially as their spending habits are key to the country's savings, investment, and overall growth, the equity research firm said.

In recent years, weak consumption mainly from the large informal sector along with even slower income growth resulted in households driving up personal loans, according to HSBC.

Investment also outgrew consumption, supported by robust public spending and formal sector housing demand.

However, the trend will likely reverse, with HSBC expecting overall growth to slow and various sectors to experience changes.

Lower inflation may boost consumption from the informal sector and reduce its reliance on savings and consumer loans, while the formal sector faces challenges, according to HSBC.

The equity research firm also projects investment to fall as housing demand and government spending ease.