“We have raised our GDP growth forecast for 2024-25 to 7 per cent from 6.5 per cent earlier,” Barclays said.
Barclays raised India's GDP growth forecast for 2023-24 to 7.8 percent, and raised its forecast for 2024-25 by 50 basis points to 7 percent.
“Taking into account the strong momentum laid down by today’s print and the growth numbers in Q1-Q3 of 2023-24, we raise our 2023-24 GDP growth forecast to 7.8 per cent, Q1-Q3 Given the upside risks to 2023-24, growth currently averages 8.2 per cent. Cent,” Rahul Bajoria, managing director and head of EM Asia (ex-China) economics at Barclays, said in a Money Control report.
“We have raised the GDP growth forecast for 2024-25 to 7 per cent from 6.5 per cent earlier,” he said.
Barclays expects steady domestic growth momentum to continue, supported by continued growth in government capital expenditure, much-awaited rising private investment and monetary easing.
According to the latest official data released on Thursday, February 29, India's gross domestic product (GDP) grew by 8.4 per cent during the October-December 2023 quarter (Q3 FY24), compared to 4.3 per cent growth recorded a year ago. More than analysts expected.
For Q3FY24, analysts had expected a slow GDP growth of between 6 per cent and 7 per cent. India's economy grew by 7.6 percent in the last July-September 2023 quarter.
In its second advance estimate of national accounts, NSO has pegged the country's growth rate at 7.6 percent for 2023-24. It had projected growth at 7.3 percent for the current fiscal year in its first advance estimate released in January 2024. NSO had revised GDP growth for 2022-23 to 7 per cent from the earlier estimate of 7.2 per cent.
PM Modi on India's GDP at 8.4%
PM Modi said that his government will continue its efforts to bring rapid economic growth. “The strong GDP growth of 8.4% in Q3 2023-24 reflects the strength of the Indian economy and its potential. Our efforts will continue to bring rapid economic growth, helping 140 crore Indians live better lives and build a developed India!”
