How will the Indian economy grow going forward?

2023 is ending, and the Indian economy is going to usher in 2024 in the next few days, the economists and experts are having divergent viewpoints on India’s growth story in FY24. Even some are debating whether Indian and the global economy will have a soft landing in 2024 or not. However, in the backdrop of many disruptions in the global economy,  the certainty about India’s soft landing is still not clear but there are projections by credit rating agencies that show how India will grow in FY24. 

India’s growth story as seen by brokerages and credit rating agencies for FY24

IMF has projected India’s growth at 6.3 per cent in FY24 per cent 

Barclays have raised their growth forecast in FY24 to 6.70 per cent from 6.30 per cent predicted earlier. 

BofA Global Research also raised their growth forecast to 6.50 per cent from 6.30 per cent for FY24. 

Deutsche Bank has changed the growth forecast to 6.8 per cent from the earlier projected number of 6.40 per cent.

Citigroup revised the growth forecast  to 6.7 per cent from the earlier projected numbers of 6.20 per cent in Q2 of FY24. 

JP Morgan revised the growth forecast to 6.50 per cent in Q2 from the earlier projected growth of 6.20 per cent.

Goldman Sachs revised the GDP to 6.7 per cent from the estimated 6.5 per cent in FY24. 

SBI revised the GDP growth in FY24 to 7 per cent from the earlier projected number of 6.70 per cent.

DBS has increased the GDP forecast to 6.8 per cent from the earlier projected GDP growth rate of 6.4 per cent.

QuantEco has revised India's GDP growth upwards to 6.5 per cent from the previously projected number of 6.2 per cent.