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Date: 20/11/2023

GDP growth seen at 6 pc for FY24

India’s real GDP growth will slow to 6% year-on-year in FY24 from 7.2% the previous year, said Crisil in its monthly economic outlook. Slowing global growth in the second half of this fiscal is expected to hit the Indian economy through weaker exports. Domestic demand is expected to be mildly affected by the lagged impact of RBI’s past rate hikes. Real GDP growth accelerated to 7.8% year-on-year in the first quarter of FY24, from 6.1% the previous quarter.

Crisil said it expects RBI to keep rates unchanged for the remainder of this fiscal. It highlighted that a rate cut can be expected only in the first quarter of the next fiscal, assuming normalising inflation and slowing growth. The MPC kept policy rates unchanged in its October meeting while maintaining its stance of withdrawal of accommodation, said a report.

Source: Exim News Service: Mumbai, Nov. 19