India’s economy is likely to grow by an encouraging 7.3% this fiscal (FY24), according to the first advance estimates of the annual Gross Domestic Product (GDP) released by the National Statistical Office (NSO).
“The growth in real GDP during 2023-24 is estimated at 7.3% as compared to 7.2% in 2022-23,” according to the NSO’s first advance estimates. This growth estimate positions the country at the forefront of major global economies driven by increased state spending and an encouraging rise in manufacturing activities.
The outlook also aligns with the Reserve Bank of India’s (RBI)’s recent upgrading of its growth forecast - from its earlier estimate of 6.5% to 7%. The country’s apex bank’s revised forecast is indicative of India’s favourable economic conditions and positive trends in various segments.
A significant point here is that the economic resurgence can be attributed to the pro-active initiatives taken by the Narendra Modi-led government, including amplified state spending on major infrastructure projects. In the September quarter, India’s economy has performed hearteningly well; it expanded at a higher-than-expected rate of 7.6% y-o-y. This has increased confidence in the country’s ability to maintain robust growth trajectories.
This number comes after another very strong 7.8% growth in the previous quarter. With India expected to maintain the growth momentum in the last quarter as well, India’s GDP growth this fiscal could not only touch 7% but also breach that mark and go past it.
IMF Could Revise India’s GDP Growth Forecast For This Fiscal Upwards, Says Gita Gopinath
The International Monetary Fund (IMF) is likely to revise northward India’s GDP growth forecast for this fiscal (FY24) by end-January, said a top official of the agency.
This story is from the January, 2024 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January, 2024 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Young Or Old? Find Your Ideal Health Plan
Age doesn't define you: find your ideal health coverage at any stage! Choose individual or family plans that fit your needs
IMPORTANT JARGON
The phase-wise voting in India for general elections began on 19th April.
BACK IN BUSINESS
Buoyed by post-pandemic travel trends and rising disposable incomes, India's hotel industry is expected to maintain its growth momentum, going forward
SCOOPING UP SUCCESS
Investments are hot, but innovation and competition are the next scoops to conquer for ice cream companies
DIG DEEPER
Investors chasing high-growth should prioritize near-term EPS explosion to justify high PE ratios, but also verify long-term business health and management before taking the plunge
SOARING AMBITIONS
Bolstered by cost advantages and government support, India's Electronics Manufacturing Services industry sets its sights on a $100 billion slice of the global market by 2026
TARGET IN SIGHT
Government policies and private sector involvement have propelled India's defence exports to new heights, putting the seemingly ambitious $5 billion target firmly within reach
PLAYING THE LONG GAME
Small and mid-cap surge in India raises regulatory concerns, but long-term investors with risk strategies may benefit from these volatile stocks given positive economic and interest rate forecasts
MAGNIFIED PRESSURE
While the asset quality of banks is anticipated to remain largely stable, challenges persist in the form of mobilizing deposits and peaking profitability
OPPORTUNITY KNOCKS, BUT CHALLENGES AWAIT
INDIA'S BOOMING PE MARKET ATTRACTS INVESTMENTS IN CONSUMER AND INFRASTRUCTURE, BUT CHALLENGES LOOM. CAN FIRMS PRIORITIZE VALUE CREATION TO NAVIGATE THE RISKS?
