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According to NSO, which comes under the Ministry of Statistics and Programme Implementation, the growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22. The GDP growth during the fourth quarter of 2022-23 was at 6.1 per cent, NSO said.

Speaking at the annual conference of the Confederation of Indian Industry (CII) here Das noted that for FY23, the estimates for GDP growth is 7 per cent. He said going by the trends, there is a possibility that the GDP growth may cross the 7 per cent mark. Das was confident that India's GDP growth rate for FY24 at 6.5 per cent.

In a report, Acuite Ratings said India's current account deficit for FY24 is expected to narrow to $53 billion in FY24 bn (1.4 per cent of gross domestic product-GDP) -- compared to a level of about 2 per cent of GDP in FY23. India's merchandise trade balance started FY24 on a comforting note, with the deficit narrowing to a 20-month low of $15.2 billion in April 2023 from $18.6 billion in March 2023.

In its monthly commentary on the economy. Acuite said that despite the global macro economy remaining characterised by contradictions and financial system instability risks coming to the fore, the Indian economy continues to demonstrate strength and stability. Most lead indicators at the start of 2023 continue to.

The report also said the inflation in India is likely to be below 5 per cent in the second quarter of calendar year 2024. According to Morgan Stanley, the key for sustained domestic demand is a pickup in capex, which will help create more jobs, thus leading to a virtuous cycle of more jobs-to-higher income-higher savings-higher investment. The headline consumer price index (CPI) print for March was in line with expectations.

Since May last year, the Reserve Bank of India has been hiking interest rates to control inflation.In its "India Development Update", the World Bank said that economic growth is likely to be impacted due to sluggish consumption growth, coupled with challenging external factors.According to the report, India's current account deficit is also likely to come down to 2.1 per cent in 2023-24, as against 3 per cent in 2022-23.

"A complex interplay of geo-political events, stubbornly high inflation, and sharp rate hikes to counter that, have turned the global environment gloomier," CRISIL said. On the domestic front, the peak impact of the rate hikes -- 250 basis points since May 2022, which has pushed interest rates above pre-Covid-19 levels -- will play out.

In a report, Acuite said it is maintaining India's GDP growth at 7 per cent for FY23 and 6 per cent for FY4. The credit rating agency said India's industrial activity rose to 5.2 per cent year-on-year (YoY) in January 23 from 4.7 per cent in December 22, marginally beating market consensus. Sequential momentum in the index of.

The GDP growth was 6.3 per cent in the September-quarter of 2022-23. The second quarter growth itself was almost half of 13.2 per cent growth seen in the April-June quarter of the current fiscal. The Reserve Bank of India (RBI) had suggested a growth rate of 4.4 per cent for the last quarter of 2022-23, however that projection was based on the annual GDP projection of 6.8 per cent by the central bank.

It also anticipates the economic growth trajectory in FY24 to slip to 6 per cent, which would still make India one of the highest growth economies in the world. According to the ratings agency, the Indian economy has managed to withstand the headwinds rather well over the last several months amidst a tough global environment.