India’s economy remains resilient amidst the global slowdown, supported by robust domestic demand. Major rating agencies express confidence, maintaining a 6.7% growth projection for FY24 and raising the medium-term estimate by 70 basis points to 6.2%. Agriculture sees progress, ensuring food buffer growth, while manufacturing and services sectors expand. Private consumption, especially during the festive season, drives growth, bolstered by savings, low unemployment, and a wealth effect from rising real estate and equity markets—digital transactions surge, indicating a shift towards a cashless economy.
