India's resilient economy seen expanding 6.7% in FY24
- IBEF
- December 26, 2023
The Indian economy is expected to achieve a growth rate of 6.7% in the fiscal year 2023-24, as forecasted by a median estimate from 11 economists. This outlook reflects resilience amid external challenges, with domestic demand and improved investments providing crucial support. The current projection marks an improvement from the previous month's estimate, which placed the expansion for the current fiscal year at 6.3%.
Despite this positive trend, the median forecast falls slightly short of the recent estimate provided by the Reserve Bank of India (RBI). The central bank, in its latest assessment, raised the growth forecast to 7% from the earlier estimate of 6.5%, citing a better-than-expected 7.6% increase in Gross Domestic Product (GDP) in the September quarter.
The first-half growth for the fiscal year stood at 7.7%. The government is set to release the initial advance estimates for the fiscal year 2023-24 on January 5. In the previous fiscal year (2022-23), the Indian economy recorded a growth rate of 7.2%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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