Perspective on GDP Data by Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
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Below the Perspective on GDP Data by Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
‘India's GDP is likely to grow by 7.3% in FY 24, according to the first advance estimates of annual gross domestic product (GDP) released by the National Statistics Office. The economic growth is largely bolstered by state spending on infrastructure projects amid sluggish consumer spending and due to robust domestic demand and strong growth in the manufacturing and services sectors.
The revised growth estimate follows the Reserve Bank of India's recent adjustment of its growth forecast to 7 percent for the current fiscal year, up from the initial estimate of 6.5 percent, showcasing resilience of Indian economy and maintaining its status as the fastest-growing major economy.
However, impact on the global growth and trade especially through disruptions in the supply chain and the volatile geopolitical situation would have to be monitored.’
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