India Forecasts Faster-Than-Expected Growth on Spending Boom
- Government sees FY24 GDP growing 7.3% vs 6.7% estimate
- Lower commodity prices offer a tailwind to India’s expansion
Shoppers at the DLF Promenade mall in New Delhi.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
India forecasts growth will outstrip the consensus by a wide margin, as a boom in private and government expenditure keeps the South Asian nation on track to be the world’s fastest-expanding major economy.
The first official estimate for gross domestic product released Friday pegged growth at 7.3% in the year through March, faster than the Reserve Bank of India’s 7% projection and the 6.7% estimate in a Bloomberg survey of economists. The economy had grown 7.2% last year.