Real GDP or GDP at constant (2011-12) prices in Q1 2023-24 is estimated to attain a level of Rs 40.37 lakh crore, as against Rs 37.44 lakh crore in Q1 2022-23
The Indian economy has carried the momentum from the past year into the current fiscal year and there has been no evidence by far that suggests a slowdown in the current financial year 2023-24, said the Department of Economic Affairs under Ministry of Finance in its monthly review report.
India's current account deficit narrowed sharply in the January-March 2023 quarter, RBI data showed on Tuesday, attributable to a moderation in the trade deficit and robust services exports.
Fitch Ratings has raised the global growth forecast for 2023 to 2.4 per cent from its March estimate of 2.0 and noted that economic activity the world over is holding up better than as was expected.
Fitch Ratings has raised India's growth forecast for 2023-24 to 6.3 per cent from its earlier estimate of 6.0 per cent in March -- making the country one of the fastest-growing major economies in the world.
Union Defence Minister Rajnath Singh on Tuesday said that India is witnessing economic, social, cultural and political empowerment under Prime Minister Narendra Modi's leadership, with groundwork being laid for the country to become a developed nation by 2047.
The Indian economy is expected to grow in a range of 6.5-7 per cent in the current financial year 2023-24 per cent, said Chief Economic Advisor Anantha Nageswaran.
Morgan Stanley on Monday said India's GDP growth to track above 6 per cent in the next two financial years, supported by strength in domestic demand. It pegged growth for 2023-24 and 2024-25 at 6.2 per cent and 6.5 per cent, respectively.
Indian economy grew more than various experts and global agencies initially estimated for 2022-23. As per the provisional estimates released by the National Statistical Office (NSO) earlier this week, real GDP growth for 2022-23 stood at 7.2 per cent, higher than the 7 per cent projected.
Indian economy is expected to grow in a range of 6.5-6.7 per cent in the financial year 2023-24, said industry body Confederation of Indian Industry President R Dinesh.