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Nominal growth is likely to be forecast at 11% for 2023-24, the source added. Growth in the financial year beginning April 1 will remain strong relative to most global economies, led by sustained private consumption, a pick-up in lending by banks and improved capital spending by corporations, the survey will likely say, the source said.What is the outlook for the Indian economy in 2023-24?
The optimism is striking, particularly when the global situation isn’t exactly rosy, with tightening financial conditions and subdued trade growth. The Survey has projected the Indian economy to grow at 6.5 per cent in 2023-24, a tad lower than the forecast of 7 per cent for the ongoing financial year.Is economic growth bottoming out?
This latest projection still represents a slowdown from an estimated 3.4 percent growth rate in 2022. However, the IMF suggested that economic growth is “bottoming out” this year and will jump back up to 3.1 percent in 2024.Is Good News Good News for policy?
But a crucial point is that in an inflationary world, good news on economic activity today is not necessarily good news for policy and so activity later on, unless it reveals that the short-term trade-off between output and inflation is also favourable. If it is, central banks can relax policies earlier than previously expected.