THE INDIAN ECONOMY has "carried on the momentum from FY23 into the current fiscal year", the finance ministry said on Thursday, but cautioned that if adverse external developments deepen and dampen growth in the near term, the external sector may challenge India's growth outlook for FY24.
In its monthly economic report for May, the ministry said: "The latest evidence also does not indicate any slowing of activity in the first two months of the current fiscal year," and added that, what clearly works for the economy is the strength of domestic demand.
Urban demand conditions remain resilient, with higher growth in auto sales, fuel consumption and UPI transactions. "Rural demand is also on its path to recovery, with robust growth in two and three-wheelers sales," the ministry observed.
For the medium to long term, India appears poised to sustain its growth in a more durable way than before due to "stellar macroeconomic management", according to the ministry.
On the global front, the uptick in economic activity during the first quarter of 2023 has continued in the second quarter as well, as evident in the expansion of the global Composite PMI.
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