India's GDP likely to grow by 7.3% in FY24, show advance estimates

India's economy is set for robust growth, with the National Statistics Office projecting a 7.3% expansion in the current fiscal year ending in March. This growth places India among the leading global economies, driven by increased state spending and a notable rise in manufacturing activities. The Reserve Bank of India recently raised its growth forecast to 7%, indicating favourable economic conditions and positive trends across sectors. The economic resurgence is credited to proactive measures by the government, including heightened spending on crucial infrastructure projects. Prime Minister Narendra Modi's focus on economic growth has resulted in increased investments and initiatives to boost manufacturing, contributing to the country's economic revival.

India's impressive performance in the September quarter, growing at a faster-than-expected rate of 7.6% year-on-year, instils confidence in its ability to sustain robust growth. Despite global uncertainties, India's growth trajectory stands out, supported by positive forecasts from international institutions. S&P Global Ratings predicts India to remain the fastest-growing major economy over the next three years, aiming to become the world's third-largest economy by 2030. India's ability to outpace counterparts reflects prudent fiscal policies, strategic investments, and a resilient domestic market amid evolving global economic landscapes.

अग्रिम अनुमानों के अनुसार वित्त वर्ष 2024 में भारत की जीडीपी 7.3% बढ़ने की संभावना है