Annual gross domestic product estimates will rise after the Reserve Bank of India (RBI) last month revised its own growth forecast to 7% for the current financial year, from its previous estimate. that’s 6%.
India is expected to grow 7% in the 2023/24 financial year ending March when the first preliminary GDP estimates were released today.
Preliminary GDP estimates published by the Office for National Statistics may be revised six times over time.
Annual gross domestic product estimates will rise after the Reserve Bank of India (RBI) last month revised its own growth forecast to 7% for the current financial year, from its previous estimate. that’s 6%. Michael Patra said last month that the central bank’s revised 7% growth forecast for 2023/24 was a “conservative estimate” given the strong growth reflected in frequency indicator data. High numbers in October and November.
Prime Minister Narendra Modi has increased government spending on infrastructure projects to support economic growth amid sluggish consumer spending, which analysts say will help him win won a third term in national elections scheduled before May.
India’s economy grew faster than expected at 7.6% year-on-year in the September quarter, following 7.8% growth in the previous quarter, prompting many private economists to make a correction. re their annual estimates.
Additionally, S&P Global Ratings expects India to remain the fastest-growing major economy over the next three years and is expected to become the world’s third-largest economy by 2030.
S&P expects India, currently the world’s fifth-largest economy, to grow 6.4% this fiscal year and estimates growth will reach 7% by fiscal 2027. By contrast, they predict China’s growth rate will slow to 4.6% in 2026, from an estimated 5.4% this year.
Economists said the RBI’s Monetary Policy Committee (MPC) is unlikely to cut the policy rate by 6.5% in the coming quarters, given the risk of a spike in food inflation in the election year.
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