India may project higher growth estimates of around 7% for FY2024: Report
- India is likely to project higher economic growth estimates of around 7% for FY2024, following RBI growth forecast last month.
India is likely to project higher economic growth estimates of around 7% for FY2024 ending in March this year, compared with earlier government estimates, following RBI's growth forecast last month as per the Reuters news agency.
In December, the Reserve Bank of India (RBI) revised its growth forecast to 7% for the current fiscal year, from an earlier estimate of 6.5%.
On Friday the National Statistical Office will release the first advance GDP estimates. The advance estimates of GDP, which go under six revisions over time, will be released in the evening on 5 January.
In 2023, S&P Global Ratings projected that India would remain the fastest-growing major economy for the next three years, setting to become the world's third-largest economy by 2030. S&P forecasted India's growth at 6.4% for FY2023-24 and estimated that the growth will pick up to 7% by fiscal 2027.
This week, India Ratings and Research also raised its estimate for India's GDP growth in FY2023-24 to 6.7% from its earlier projection of 6.2%, citing higher-than-expected growth during the September quarter, and sustained government expenditure.
India's economy shot past expectations to clock an impressive 7.6% growth in the July-September quarter, retaining its crown as the world’s fastest-growing major economy.
During the April-June quarter of FY2024, India's economy expanded at 7.8%, boosted by higher government and private capital expenditure and strong services growth.
In October 2023, the International Monetary Fund (IMF) revised its forecast for India's economic growth in FY24 to 6.3%. Morgan Stanley, Citi, and Goldman Sachs have also raised their forecasts for India's FY24 GDP growth, with the economy maintaining strong growth momentum during the first two quarters of the ongoing fiscal year.
According to the latest commerce ministry data, India's merchandise exports rose marginally to $33.90 billion in November, compared with $33.57 billion in October.
Meanwhile, imports declined to $54.48 billion during November, against the $65.03 billion recorded in October.
Catch all the Business News , Economy news , Breaking News Events andLatest News Updates on Live Mint. Download TheMint News App to get Daily Market Updates.
Business NewsEconomyIndia may project higher growth estimates of around 7% for FY2024: Report
First Published:5 Jan 2024, 06:28 AM IST
- Top Gainers
- Top Losers
- 52 Week High