The State Bank of India has released a research report, Ecowrap, indicating that the Indian economy is on track to exceed a 7% growth rate in Fiscal Year 2023.

• The report suggests that India’s growth in the fourth quarter of FY23 is expected to reach 5.5%, leading to a projected overall growth of 7.1% for the fiscal year.
• These figures align with the advance estimates released by the National Statistical Office (NSO) in January, which also forecasted a 7% growth for the year ending March 31, 2023.
• However, assessing the real rates of projected growth has become more challenging due to the varied patterns of growth observed globally.