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Indian Economy - Understanding the basics of Indian economic system

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19-Sep-23

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S&P Global raises India's FY24 growth projection to 6.6

S&P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter.

This represents a significant change from the 5.9 per cent growth the analytics company predicted in August. However, compared to 5.1 per cent in August, the inflation rate was forecast to grow sharply to 6 per cent in 2023, touching the upper band goal range set by the RBI.
The Economic Times quoted Rajiv Biswas, APAC Chief Economist at S&P Global Market Intelligence as saying, “India's economic growth momentum was buoyant in the April-June quarter, growing at a pace of 7.8 per cent year-on-year, supported by robust growth in domestic demand.”
S&P is less pessimistic about inflation but in contrast is more positive than the Reserve Bank of India, which expects the economy to grow by 6.5 per cent this fiscal year.

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