Economists project a 6.7% growth rate for the Indian economy in the fiscal year 2023-24, indicating resilience amidst external challenges. This estimate, provided by 11 economists, demonstrates crucial support from domestic demand and increased investments. Although it represents an improvement from the prior month’s 6.3% estimate, it slightly lags behind the recent Reserve Bank of India (RBI) forecast. The RBI raised its growth projection to 7%, citing a better-than-expected 7.6% GDP increase in the September quarter.
The first-half growth for the fiscal year reached 7.7%, with the government expected to release initial advance estimates on January 5. Despite the positive trend, the median forecast falls slightly short of the RBI’s optimistic outlook. In the previous fiscal year (2022-23), the Indian economy achieved a growth rate of 7.2%.
