The National Statistical Office (NSO) has presented an optimistic growth projection of 7.3% for the Indian economy in the fiscal year 2023-2024. This surpasses the Reserve Bank of India’s estimate of 7% and relies on the expectation of a recovery driven by investments in the fifth-largest global economy. The forecast stands higher than the prevailing Street estimates, where most economists anticipate a GDP growth ranging between 6.5% and 6.7% for the ongoing financial year, following a 7.2% expansion in FY23.
Data released on November 30, 2023, indicates significant growth in the first half of FY24, with the Indian economy expanding by 7.7%. The First Advance Estimates of GDP, released by the NSO, take into account industrial production data for an additional month (October) and certain lead indicators until November and December. These estimates suggest a GDP growth of 6.95% in the second half of the current financial year (October-March).
