World Bank expects India to remain fastest-growing major economy in FY24
India's GDP is likely to grow at 6.3% for the financial year 2023-24, says World Bank
India's GDP is likely to grow at 6.3% for the financial year 2023-24, says World Bank
The GDP growth rate in the full year 2022-23 stood at 7.2% compared with 9.1% in 2021-22.
Moody's Investors Service has increased India's GDP growth estimate from 4.8% to 5.5% for 2023.
V Anantha Nageswaran pointed out that India may achieve its potential growth if the global situation becomes less hostile.
Growth in India is projected to slow to 6.9% in FY23, says World Bank.
“Indian economy is growing despite the global monetary tightening and commodity price shock caused by the geo political situation,” says CEA Anantha Nageswaran
Ind-Ra's estimate shows that even if GDP grows at 7.6% every year after FY23, then also India would be able to catch up with pre-pandemic trend growth only by FY35.
Inability to deliver strong fundamentals to back exuberance could lead India astray from the growth trajectory.
This brings India's GDP growth for the March quarter to an one-year low despite managing to outdo expectations by most analysts.
The GDP growth projections range between 5.4% and 9.1%, but there is near-consensus that high inflation and rate hikes will affect India’s economic growth.