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India's Economic Affairs Secretary Ajay Seth to World Bank has said that despite a challenging global scenario, India's economy has shown robust growth over the past year backed by sustained consumption and investment demand. He said the gross domestic product (GDP) growth estimate for the fiscal 2023-24, which has been revised upwards from 7.3 per cent to 7.6 per cent in the second advance estimates, highlights the enduring strength and resilience of the Indian economy. India grew above 8 per cent for three consecutive quarters of FY24, reaffirming its position as a standout performer amidst sluggish global growth trends. 

He said that similar sentiments have been echoed by various agencies who have revised India's FY24 growth estimate closer to 8 per cent. India's proactive stance on reform and investment in sustainable growth avenues sets a benchmark for emerging economies. He also said that India's thrust on capex continued to crowd in private investment resulting in enhanced Gross Fixed Capital Formation (GFCF) at constant prices registering a growth above 10 per cent in FY24.

He further said India's inflation outlook appears positive with headline and core inflation trending downwards, indicating a broad-based moderation in price pressures. He said that on the external front, the narrowing merchandise trade deficit and the rising net services receipts are expected to improve the current account balance in fiscal 2024. Observing that the manufacturing sector registered double-digit growth in Q3 of FY24, driven by a surge in investment, improved investor confidence, and strong domestic demand conditions, he said the year also saw continued strong growth in services, led by non-contact-intensive services sectors.