The Indian government has released estimates indicating that the country's GDP is expected to grow by 7.3% in the fiscal year 2024. This is a positive outlook for the Indian economy, which had already experienced a growth of 7.2% in the previous fiscal year.
According to the National Statistics Office (NSO), the real GDP at constant prices for the year 2023-24 is projected to reach Rs 171.79 lakh crore, compared to the provisional estimate of Rs 160.06 lakh crore for the year 2022-23. Additionally, the GDP at current prices for the year 2023-24 is estimated to be Rs 296.58 lakh crore, as opposed to the provisional estimate of Rs 272.41 lakh crore for the previous fiscal year.
The Reserve Bank of India has also raised its GDP growth projection for the current fiscal year to 7%, up from the earlier 6.5%. However, the bank has cautioned that interest rates may remain elevated for an extended period due to inflation not meeting its target of 4%.
While the government's projections are optimistic, there are differing opinions on the country's economic growth. Some critics argue that the growth under the current government is lower compared to previous administrations, and that the country's debt has surpassed its GDP growth over the past decade.
Despite the differing views, the Indian economy's growth projection of 7.3% for the fiscal year 2024 demonstrates positive momentum for the country's economic development. The government's estimates provide a hopeful outlook for the nation's financial prospects in the coming year.