Benefitting from the positive surprise for Q4, the FY23 GDP growth of 7.2% exceeded the advance estimate of 7% by a healthy margin, data released by the government on Wednesday showed.
"We don't see the risks to 6.5% as weighted towards the lower side. So, if anything, we are upgrading our assessment of the growth," Nageswaran said.
"That there is as good a chance that this number (6.5%) may be exceeded as there is a chance that reality may undershoot this number."Nageswaran pointed to the momentum in the high-frequency indicators for his optimism for FY24. These include the momentum in the Purchasing Managers Indices (PMI), in credit growth and in private sector capital formation. The revenue collections of the government are also well poised to maintain its capital investment plans, he said.
PMI manufacturing, after remaining well in the expansionary zone throughout Q4 of FY23, registered a four-month high of 57.2 in April 2023.
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