Economists predicted on Tuesday that the nation’s real GDP growth in the first quarter will surpass the Reserve Bank’s prediction of 8%. The largest lender in the nation, SBI’s economist expected the rise to be 8.3%, while the domestic rating agency ICRA predicted it would be even higher, at 8.5 percent.
The Reserve Bank of India (RBI), which anticipates 6.5% GDP growth in FY24, has predicted an increase of 8% between April and June.
Later this month, official growth statistics will be made available. Real GDP increased by 6.1% in the March quarter that had just ended compared to the same quarter a year earlier.
Both SBI and ICRA attributed their projections of faster economic development to the Center’s and states’ capital expenditures.
They disagreed on how the economy would grow for the entire fiscal year. SBI pegged the growth for FY24 at 6.7%, while ICRA predicted it would be substantially lower at 6%, according to their projections which is far below what RBI estimated.
Aditi Nayar, the chief economist at ICRA, predicted that headwinds will likely be present in the second half of the fiscal year and act as a dampener.
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