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Updated December 17th, 2023 at 15:41 IST

India’s growth story in FY24: all you need to know

The upward revision was done in the backdrop of better than expected growth print in July-Sept quarter of FY24, driven by robust manufacturing sector growth.

Business Desk
FICCI survey on India GDP growth
FICCI survey on India GDP growth | Image:Freepik
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The Reserve Bank of India has projected India’s GDP growth for FY24 at 7 per cent, the upward revision was done in the backdrop of better than expected growth print in July-Sept quarter of FY24, driven by robust manufacturing sector growth. 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.  After Q2 growth print, all credit rating agencies also raised up India’s growth projections in FY24. 

Here is how rating agencies revised their GDP projection for FY24:

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Confederation of Indian Industries (CII) see India growing at 6.8 per cent in FY24

ADB has raised India’s growth forecast from 6.3 per cent to 6.7 per cent 

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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. 

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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. 

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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. 

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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.

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

 

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Published December 17th, 2023 at 15:41 IST

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