Date: 25/01/2023

GDP growth likely to slow in FY24 

India’s GDP growth rate is likely to slow to about 6% in 2023-24 due to the global slowdown, fading of pent-up domestic demand and the hike in interest rates, say some economists. They expressed  this after the NSO’s first advance estimates said that GDP will likely expand 7% in 2022-23, with a growth rate of just 4.5% in the second half. The nominal growth is believed to be in the range of about 10-11% in the next fiscal as against 15.4% seen by NSO for the current year, as WPI inflation, which has a higher weight in the GDP deflator, will moderate significantly next fiscal. The expectation is that merchandise exports will see  flattish growth in FY24 while services exports could see growth, said a report.
Source: Exim News Service; New Delhi, Jan. 24