India’s GDP is currently the strongest among the world’s major economies. In view of this, foreign rating firm Barclays has raised India’s GDP growth rate by 1.10% to 7.8%. The rating firm’s GDP estimate has been raised at a time when India’s economy grew at a rate of 8.4 per cent, according to GDP growth data for the October-December quarter. This estimate is much higher than 6.5 percent.
In a note issued late on February 29, Rahul Bajoria, managing director and head of EM Asia Economics at Barclays, said, “Given today’s data and the pace of the economy, we expect growth for FY2023-24 to be are increasing The estimate is being raised to 7.8 percent. The average growth rate from the first quarter to the third quarter of the financial year 2023-24 has been 8.2 percent.
Improved estimates for FY 2024-25
He added that in view of the fast pace of the economy, we are raising the growth rate estimate for the next financial year i.e. 2024-25 from 6.5 percent to 7.0 percent. We feel that the economy is benefiting from the capital spending by the government and is continuing at a strong pace.
India’s fastest growing economy
The International Monetary Fund (IMF) has forecast a GDP growth rate of 6.7 percent for India in FY2024. Despite slow growth in the last quarter, India is likely to retain its position as one of the world’s fastest growing economies. The IMF estimates that the Indian economy will lag behind major economies such as China (4.6%), the US (2.1%), Japan (0.9%), France (1%), the UK (0.6%) and Germany (-0.5%). Will leave behind. what Currently, India is the fifth largest economy in the world.
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