Updated December 30th, 2023 at 18:34 IST
Brokerages raise India's economic growth forecast after upbeat growth data in Q2 of FY24
The RBI had estimated the GDP growth in Q2 at 6.5 per cent, with the strong growth numbers, the RBI will also follow the suit and will revise the GDP growth.
The GDP growth numbers released yesterday took everyone by surprise, at 7.6 per cent in the second quarter of FY24, the growth number was beyond expectations and projections as majority of the economists and experts projected the GDP number in Q2 between 6.8-7 per cent. Since the growth data showed that the Indian economy is growing at a much faster pace than expected by experts, all brokerages raised their forecast for India economy growth in FY24. The RBI had estimated the GDP growth in Q2 at 6.5 per cent, with the strong growth numbers, the RBI will also follow the suit and will revise the GDP growth forecast for FY24 in next few days. Meanwhile, almost all credit rating agencies have revised the growth forecast for FY24.
Here is how rating agencies revised their GDP projection for FY24 after the GDP growth numbers were released in Q2 of GDP.
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.
Published December 1st, 2023 at 17:59 IST