India's Economy Projected to Grow at 7.3% in FY24

Driven by robust output in manufacturing and construction, India is set to remain the world's fastest-growing major economy despite a rising trade deficit.

India's economy is predicted to grow at 7.3% in FY24, according to the government's first advance estimates, making it the world's fastest-growing major economy.
The growth is driven by sustained investment growth and robust output in manufacturing, construction and certain services.
Government and private sector investment in fixed assets is expected to expand at over 10%, while government spending is projected to increase by 4%.
Despite the positive outlook, a rising trade deficit is becoming a drag on growth.
Some economists expect India’s full-year economic growth to range closer to the Reserve Bank of India’s forecast of 7%, as government expenditure is expected to slow down in the last quarter.