India’s GDP may expand by 7% in 2nd quarter of FY24: Experts
Hindustan TimesIndia’s gross domestic product may expand by nearly 7% in the second quarter of FY24 on sound economic fundamentals, exceeding the Reserve Bank of India’s October 6 estimate of 6.5%, but in line with governor Shaktikanta Das’s prediction on Tuesday, at least four experts said. Speaking at the Business Standard BFSI Insight Summit on Tuesday, Das said India’s economic growth number in the second quarter is likely to surprise “on the upside”. “The reasons for the current optimism regarding India’s growth prospect for 2QFY24 lie in the buoyant high frequency indicators for recent months,” said EY chief policy advisor DK Srivastava. The International Monetary Fund in its World Economic Outlook last month said, It projected India’s 2023-24 GDP growth to be 6.3%, a 20-basis point up from the July numbers. “IMF, in its October 2023 issue of the World Economic Outlook, has highlighted India’s position as the global growth leader among major economies with a medium-term growth prospect of 6.3% in each year from 2023 to 2028,” Srivastava said in the latest edition of EY Economic Watch.