Indian GDP to grow at 7% in FY23: Report

The country’s economic growth trajectory in FY24 will decline to 6%, however, India will retain its position as one of the highest-growth economies in the world

February 21, 2023

As urban consumption continues to push demand for both goods and services domestic growth impulses have gained strength

Capex boost from the Budget 2023-24 has further contributed to economic growth

Domestic economic activity is expected to find continued support amidst a healthy Rabi harvest and improved rural demand

External Affairs Minister S Jaishankar mentioned that the Indian economy is expected to grow at a pace of 7% for FY24

Indian economy shows signs of post-pandemic recovery

India’s gross domestic product (GDP) is expected to grow at 7% for FY23, according to a report from credit rating agency Acuite Ratings. 

The report also mentioned that although the country’s economic growth trajectory in FY24 will decline to 6%, India will retain its position as one of the highest-growth economies in the world. The Indian economy has fared well over the last several months amidst a challenging global environment.

The report further added that as urban consumption continues to push demand for both goods and services domestic growth impulses have gained strength. Additionally, a Capex boost from the Budget 2023-24 has further contributed to this.

Domestic economic activity is expected to find continued support amidst a healthy rabi harvest and improved rural demand, the strength in services sector exports, pent-up demand in the travel and the tourism sector along with the Central government’s consistent focus on pushing capital expenditure, as per the report. 

On the other hand, External Affairs Minister S Jaishankar mentioned that the Indian economy is expected to grow at a pace of 7% for FY24 due to improved FDI and FII flows and in the investments which the government itself is leading the capital outlay in this year’s budget.

Sources: Business Standard | Business Standard

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