Monday, 4 November 2024
Trending
EconomyIndia

India’s GDP growth in Q1 FY24 will be higher than the 8% RBI forecast

  • Economic growth in India is predicted to be between 8.3% and 8.5% in Q1 FY24.
  • Real GDP increased by 6.1% over the corresponding March quarter in the prior year.
  • Widening profit margins in the business sector are acting as a tailwind for growth prospects.

In the April to June quarter of 2022–23, economic growth in India is predicted to be between 8.3% and 8.5%, exceeding the Reserve Bank of India’s (RBI) prediction of 8%.

According to economists, actual growth may be greater, at 8.3% to 8.5%. Later this month, official information on India’s economic growth in the first quarter of 2023–24 will be made available.

India’s GDP growth

Real GDP increased by 6.1% over the corresponding March quarter in the prior year. The State Bank of India (SBI) and ICRA both predict greater economic growth in the upcoming quarter, attributing their predictions to the Center’s and the states’ capital expenditures.

Moreover, the rating agency predicted that the reduced base, which had shrunk by almost a quarter in the first quarter of FY21, will contribute to higher growth in the current quarter.

The largest lender, according to Soumya Kanti Ghosh, group chief economic adviser at SBI, analyzed 30 high-frequency indicators to determine its estimate of 8.3% growth in the first quarter.

Widening profit margins in the business sector are acting as a tailwind for the growth prospects, and the services sector has continued to generate better growth.

However, they had different opinions on the economic growth for the entire fiscal year; SBI pegged it at 6.7% while ICRA predicted it at 6%, both much lower than the Reserve Bank of India’s forecast of 7.2%.

Related posts
AgricultureIndia

Union Ministers Push for 'Mission Zero Burning' to Tackle Crop Residue Management

Union ministers held a meeting to emphasize “Mission Zero Burning.” States report…
Read more
IndiaPoliticsTrending

Thalapathy Vijay Gears Up for First Political Conference with a Focus on Public Safety

Vijay urges fans to prioritize safety at his political event. Fans speculate on his influence in…
Read more
CanadaEconomy

Balancing Growth and Inclusivity: Canada Cuts Immigration Targets Amid Economic Concerns

Trudeau reduces immigration targets to 395,000 for 2025, a shift from the previous goal of…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

AsiaSports

Taekwondo Competitors Seem to Be North Korea's First Traveling Delegation

Worth reading...