Mumbai: British multinational universal bank, Barclays hiked India’s GDP growth forecast for 2023-24. The GDP growth forecast is raised to 7.8 percent. The bank also revised their prediction for 2024-25 upward by 50 basis points to 7 percent.
‘Considering today’s print and strong momentum put up by growth numbers across Q1-Q3 of 2023-24, we raise our 2023-24 GDP growth forecast to 7.8 per cent with upside risks given Q1-Q3 2023-24 growth is currently averaging 8.2 per cent. We also raise our forecast for 2024-25 GDP growth to 7 per cent from 6.5 per cent earlier ,’ said Rahul Bajoria, managing director and head of EM Asia (ex-China) Economics at Barclays.
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According to the latest official data, India’s gross domestic product (GDP) grew 8.4 percent during the October-December 2023 quarter (Q3 FY24) against the 4.3 percent growth recorded a year ago. The Q3 FY24 GDP growth is higher than what was expected by analysts.
The NSO, in its second advance estimate of national accounts, pegged the country’s growth at 7.6 per cent for 2023-24. It had projected a growth of 7.3 per cent for the current fiscal in its first advance estimates released earlier in January 2024. The NSO also revised the GDP growth for 2022-23 to 7 per cent against the earlier estimate of 7.2 per cent.
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