(Bloomberg) -- India’s small and mid-cap stocks are likely to decline for the first time in three years in 2025 as the government scales back spending in favor of tax breaks to boost consumption, according to a Bank of America Corp. strategist.This segment, dominated by infrastructure-related firms, beat the broader stock market handily in the past two years. The rally has already started to fizzle as Prime Minister Narendra Modi’s administration shifts its focus from investment-driven growth to