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The RBI board in its meeting reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments.
India's chief economic adviser, V Anantha Nageswaran, believes that the country's growth prospects remain strong due to robust investments and consumption. Despite external risks, India's economy grew by 7.8% in the June quarter, making it the fastest-growing major economy in the world. Nageswaran highlighted that private sector investment has already taken off, supported by the government's capital expenditure push.
India Q1 GDP: Indias GDP grew 7.8 per cent in April to June quarter on an annual basis, data released by the National Statistical Office (NSO) showed on August 31, 2023. The growth can be attributed to central and state governments opening up their wallets for capex, stronger consumption demand and higher activities in the services sector.
“Rural demand is on a recovery mode and governments sustained capital expenditure push is crowding in private investments,” said chief economic advisor, V Anantha Nageswaran, on Friday post the data release. While experts point out that growth is likely to slowdown in the coming quarters as the base effect wanes, they indicated that a consumption boost closer to the end of third quarter may provide some succour to full year growth.
India's Q1FY24 GDP growth likely to exceed projections, with estimates ranging from 7.8% to 8.5%.