Finmin optimistic on India's growth despite global stress

The Indian economy is set to achieve a growth rate of over 6.5%, thanks to a stronger-than-expected performance in July-September (Q2FY24), the finance ministry said on Friday.

- Rhik Kundu & Rituraj Baruah

In its semiannual economic review for FY24, the ministry said while there’s widespread optimism about India’s growth prospect among domestic and foreign investors, the risks to growth and stability will primarily emanate from external factors.

Interestingly, Reserve Bank of India (RBI) recently revised India’s growth outlook from its earlier estimate of 6.5% to 7%, after it surpassed expectations, clocking impressive growth of 7.6% in Q2, to retain its crown as the fastest growing major economy in the world. India clocked 7.8% gross domestic product growth in Q1 FY24.