
India's GDP growth will slow to 6.6% in FY24: World Bank
Growth in India is projected to slow to 6.9% in FY23, says World Bank.
Growth in India is projected to slow to 6.9% in FY23, says World Bank.
Nominal GDP in the current fiscal is estimated to grow at 15.4% this fiscal compared with 19.5% in the previous financial year.
India now seems “unstoppable” in its momentum to become the “third economic superpower”, says a report by a UK-based economics consultancy company CEBR.
India has done a commendable job as compared to other member countries with the highest GDP growth and lowest inflation. However, fear of an impending recession is still lurking.
“Indian economy is growing despite the global monetary tightening and commodity price shock caused by the geo political situation,” says CEA Anantha Nageswaran
SBI Research believes that Q2 manufacturing sector growth is likely to be weak on the back of margin compression.
India suffered a year-on-year decline in the value exports in October.
Amid slowing global growth, export growth will moderate while import growth will be driven by recovering domestic demand, says the World Bank.
UN agency attributes decline in growth to impact of weakening global economy and the fiscal pressures that may prevent the govt from ramping up its overall capital expenditure beyond a point.
The ratings agency expects RBI's monetary policy committee to hike the key policy rate by another 50 basis points to 5.9% in FY23.