Economists raise FY24 GDP forecast
Financial Express Mumbai|December 02, 2023
IN THE LIGHT of the higher-than-expected GDP growth of 7.6% in Q2FY24 which was propelled by a sharp rise in manufacturing activity and investments - many economists have raised their GDP growth forecasts for FY24.
PRIYANSH VERMA
Economists raise FY24 GDP forecast

As many as 10 economists have revised upwards their growth projections for the current fiscal year by 20-80 basis points (bps).

Nomura raised its projection by a steep 80 bps (see chart).

"Owing to the robust Q3 (in this case July-September), we are raising our FY24 GDP growth projection to 6.7% year-on-year from 5.9% previously," Nomura said in a report.

"Q3 (July-September) GDP growth surprised positively... led by a stronger pickup in fixed investment and government consumption (on the demand side) and stronger manufacturing and construction output growth (on the supply side)," it said.

The projections by economists are higher than the 6.5% growth estimate which the government has retained.

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