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Get latest articles and stories on Business at LatestLY. According to a press release, this forecast represents a marginal increase from the previous quarter's deficit of 1.0 per cent of GDP and marks a year's high, surpassing the deficit recorded in the corresponding quarter of the previous fiscal year (3QFY23: USD16.8 billion, 2.0 per cent of GDP). Business News | Current Account Deficit Expected to Reach Year's High of 1.2 % of GDP in FY24 Third Quarter, Predicts Ratings Agency.

In 3QFY24, merchandise exports experienced a year-on-year growth of 1.1 per cent, driven by demand from key markets such as the US, the UAE, and the Netherlands. Get more India News and Business News on Zee Business.

India's economy is projected to become an upper middle-income country, reaching a $15 trillion mark by FY47. Achieving sustained high growth rates and overcoming challenges posed by global demand and trade are crucial for India's transition to a developed economy.

Listing out various scenarios, the agency said that to become a $5 trillion economy by FY30 with per capita income of $ 3,467, the economy would require a real GDP growth rate of 6.25%, GDP deflator growth 3.5% and INR/USD depreciation 3.25%. But to transform to a $5 trillion economy by FY2029 with capita income of $ 3,530, real GDP growth per annum would have to be faster at 8%.

A closer look at the Union budget documents over the years reveals that the tax devolution given to states has been significantly lagging compared with the Finance Commission’s recommended level