India is likely to project higher economic growth estimates of around 7% for the 2023/24 fiscal year ending in March, compared with earlier government forecasts when the National Statistical Office releases its first advance GDP estimates on Friday. The advance estimates of GDP, which go under six revisions over time, will be released on Friday at 1200 GMT. The central bank’s revised growth forecast of 7% for 2023/24 was a “conservative estimate” considering robust growth reflected in high-frequency indicators data for October and November, Michael Patra, RBI’s deputy governor said last month. Among others, S&P Global Ratings expects India will remain the fastest-growing major economy for the next three years, setting to become the world’s third-largest economy by 2030. S&P expects India, currently the world’s fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027.

Source: The Hindu January 05, 2024 15:34 UTC