Mumbai: Leading management consulting firm, Deloitte India has revised India’s economic growth prediction. The agency predicted India’s GDP growth at 6.6 per cent in the current fiscal. Deloitte has revised India’s economic growth prediction for last fiscal to a range of 7.6 to 7.8 per cent. In January, the firm had projected growth for 2023-24 fiscal in the range of 6.9-7.2 per cent.
‘The global economy is expected to witness a synchronous rebound in 2025 as major election uncertainties get sorted out and the central banks of the West may announce a couple of rate cuts later in 2024. India will likely see improved capital flows and a rebound in exports’ said Deloitte India Economist Rumki Majumdar.
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In its India’s economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services.
Deloitte’s FY25 GDP growth estimate is similar to the projections made by the World Bank. It is, however, lower than the projections by the RBI and other agencies. The RBI has projected the Indian economy growth at 7 per cent in the current fiscal. While the Asian Development Bank (ADB) and Fitch Ratings have estimated growth at 7 per cent, the International Monetary Fund (IMF), S&P Global Ratings and Morgan Stanley projected a 6.8 per cent growth rate for FY25.
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