GDP Growth In First Quarter Of 2023-24 Poised To Exceed 8 Per Cent: Report

In a buoyant forecast that underscores India's ascending economic trajectory, economists are foreseeing a remarkable upswing in the nation's economic growth, setting the stage for a potential four-quarter high.

Projections place the Gross Domestic Product (GDP) growth rate for the first quarter of the fiscal year 2023-2024 (Q1FY24) in a promising range of 7.8 per cent to 8.5 per cent, Mint has reported.

This anticipated surge in GDP growth resonates closely with the projection articulated by the Reserve Bank of India (RBI) during its latest bi-monthly Monetary Policy Committee (MPC) meeting.

The alignment of expert predictions with the RBI's assessment further underscores the credibility of these projections.

RBI Governor Shaktikanta Das, at the helm of the rate-setting panel, outlined an optimistic projection for India's real GDP growth in the fiscal year 2023-24, pegging it at 6.5 per cent, with a particularly promising Q1 growth rate of 8 per cent, the report adds.

A survey conducted by news agency Reuters, engaging a panel of esteemed economists, further underscores this positive sentiment.

The experts' consensus anticipates a notable improvement from the 6.1 per cent growth registered in the January-March quarter, with their forecasts spanning an impressive range of 5.6 to 9.1 percent.