India to grow by 6.5-7.1% in FY23: Deloitte

The economy has grown on the back of global revival and the country’s strong economic drivers, according to a report by Deloitte India

November 21, 2022

The services sector and industry have experienced high credit growth

India’s growth path will continue despite global challenges and will experience higher imports than exports

The rupee (INR) is appreciating against the euro, pound, and yen

India growth rate is expected to be 5.5-6.1% in FY24

India is expected to witness a 6.5-7.1% growth this fiscal on the back of global revival and the country’s strong economic drivers, according to a report by Deloitte India.

Experts said that the upcoming festive season could add a push to the consumer sector. The services sector and industry have experienced high credit growth, due to which, the private sector is expected to have a healthy capital expenditure (Capex) outlook. 

Over rising global economic challenges, the experts said that a possible moderation in crude oil and industrial raw material prices is expected to happen by mid-2023, which will lead to the easing of global commodity prices. 

According to the report, India’s growth path will continue despite global challenges and will experience higher imports than exports. Additionally, the rupee (INR) is appreciating against the euro, pound, and yen, suggesting that the macroeconomic fundamentals of the Indian economy remain strong. The report also added that India is expected to grow by 5.5-6.1% in FY24. 

As the government attracts more international investors and companies to set up shop, and a gradual increase in exports of goods from defence and electronics, among other things, India’s growth will achieve a faster pace. 


Source: Economic Times

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