Quick edit: Target in sight
It is encouraging to note that headwinds for growth are seen to be easing
There’s now roughly an equal chance of India’s 6.5% gross domestic product (GDP) growth projection for 2023-24 being achieved as there exists of it being missed, going by chief economic adviser V. Anantha Nageswaran’s comments this week. He said he is slightly more inclined to make this assessment than earlier. The annual Economic Survey published by the Centre with him at the effort’s helm had seen risks tilted towards that target being missed. It is encouraging to note that headwinds for growth are seen to be easing. Credit growth has been strong at a mid-teen rate, placing it at its highest in more than a decade. Goods and services tax revenue has been hitting new highs, while the services sector has held up well. If crude oil prices stay stable, inflation, which has dipped under 5%, could cool further and grant our economy some price stability. Of course, external risks remain, especially for Indian exports. A hard landing for the US economy, for example, could slow down our overseas growth engines and leave our economy reliant on domestic impulses. How exactly the economic scenario unfolds, though, will depend on many factors. Even El Nino.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!