India’s economic landscape is poised for significant growth in the coming fiscal years, with Deloitte India estimating a GDP growth rate of 6.6 percent for the current fiscal year, fueled by various factors including consumption expenditure, exports rebound, and capital flows. The rapid expansion of the middle-income class has propelled rising purchasing power and a surge in demand for premium luxury products and services. Deloitte predicts that by 2030/31, one in every two households in India will belong to the middle-tohigh-income segments, up from the current ratio of one in four households.
This economic optimism is reflected in Deloitte’s revised growth prediction for the last fiscal year, ranging between 7.6 to 7.8 percent, as well as its projections for the fiscal year 2023-24. The report suggests that India’s GDP growth is expected to reach around 6.75 percent in the subsequent fiscal year as markets adapt to geopolitical uncertainties in investment and consumption decisions.
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