India may project higher growth estimates of around 7% for FY2024: Report
India's current account deficit narrows to 1% of GDP in July-Sept On Friday the National Statistical Office will release the first advance GDP estimates. The advance estimates of GDP, which go under six revisions over time, will be released in the evening on 5 January.
India's GDP growth to exceed 6.5% in FY24, says Finance Ministry In 2023, S&P Global Ratings projected that India would remain the fastest-growing major economy for the next three years, setting to become the world's third-largest economy by 2030. S&P forecasted India's growth at 6.4% for FY2023-24 and estimated that the growth will pick up to 7% by fiscal 2027.
This week, India Ratings and Research also raised its estimate for India's GDP growth in FY2023-24 to 6.7% from its earlier projection of 6.2%, citing higher-than-expected growth during the September quarter, and sustained government expenditure. India Ratings raises India's FY24 GDP growth estimate to 6.7% India's economy shot past expectations to clock an impressive 7.6% growth in the July-September quarter, retaining its crown as the world’s fastest-growing major economy.
During the April-June quarter of FY2024, India's economy expanded at 7.8%, boosted by higher government and private capital expenditure and strong services growth. India’s economy is emerging from the trough, finally In October 2023, the International Monetary Fund (IMF) revised its forecast for India's economic growth in FY24 to 6.3%.
Morgan Stanley, Citi, and Goldman Sachs have also raised their forecasts for India's FY24 GDP growth, with the economy maintaining strong growth momentum during the first two quarters of the ongoing fiscal year. Goldman Sachs revises India's current account deficit forecast to 1.3% from 1.9% of
. Read more on livemint.com
