It is not all blue skies for our emerging economy

India's 7.3% growth estimate for 2023-24 is impressive. But we still need structural reforms, more evenly growing consumption and a pick-up in private investment for better expansion

The first advance estimates of our national income for 2023-24 issued by the National Statistical Office on Friday show India's economy blazing ahead, with gross domestic product (GDP) seen rising 7.3%.

As China sputters, India is poised to retain its fastest-growing major economy tag, having rebounded sharply from the pandemic on the back of infrastructure spending by the government. In 2021-22, we made up for the previous year's covid contraction, and then logged 7.2% GDP growth last fiscal year. With spring-back effects wearing off, an acceleration this year would be remarkable. Although the central bank's projection is 7%, a likely higher rate speaks of how robustly the Centre's fiscal pedal has fuelled economic expansion. With world output expected to grow just 3% in 2023 by the International Monetary Fund, our bounce-back stands out globally, especially since growth had been slowing before the covid crisis called for stimulus action and pump-priming began.