India estimates GDP growth at 7.3%. Economists decode the numbers

economictimes.indiatimes.com:

India's economy is expected to grow 7.3 per cent in the current fiscal year ending in March, the highest rate of the major global economies, helped by state spending and a pickup in manufacturing, the National Statistics Office said on Friday. Siddhartha Sanyal, Chief Economist, Bandhan Bank, DK Joshi, Chief Economist, CRISIL and Indranil Pan, Chief Economist, Yes Bank, in conversation with ET Now


How do you see these numbers and what do these really numbers project for the Indian economy going into 2024?
Siddhartha Sanyal: In the first half of the financial year, we had seen that GDP growth for India had been around 7.6%. This particular number was known for a while. Now, at the same time, till very recently we were expecting that still the full year number will be in the vicinity of 6.5%, that means talking about a significantly lower number for the second half of the financial year, but now the 7.3% with quite a lot of data points already available in hand for the first nine odd months, government clearly is much more confident about the second half growth.

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So, it is one story that from about 6.5%, the overall full year number is getting revised to 7.3%, but much more importantly, at this juncture then that means that the second half of the financial year number is getting revised up much more significantly. Also, not to lose sight of the fact that the nominal GDP growth is not spectacularly high. It is a different story altogether that in case of some of the ratios,