RBI Estimates India’s Annual Growth At 7% For FY2023-24

The Reserve Bank of India has estimated that the growth rate of India’s GDP in the fiscal year 2023-24 will be around 7%. Previously, the predicted growth was at 6.5%. The Indian economy grew more than expected, with 7.6% growth in the quarter ending in September and then recorded a growth of 7.8% in the December quarter. One of the reasons for this is that the government of India has heavily invested in building state infrastructure to bolster the economic growth of the country. 

S&P Global ratings have estimated that India will remain the fastest-growing economy in the world for at least the next three years. At that rate, the country will reach the world’s third-largest economy milestone by 2030. Along with India’s increasing growth rates from 6.5% to 7%, S&P Global also estimates that China’s growth rate is likely to go down from 5.4% to 4.6% in the next few years. This will further help India in achieving the coveted spot of the third-largest economy in the world. 

Another thing to note is that the Indian stock markets saw growth in the last few years, and this trend is likely to continue, assuming that India’s growth rate remains according to estimates. If India continues to grow at 7%, foreign investments in India in collaboration with Indian companies will increase, further solidifying India’s stock market. It is high time retail investors could grow their money manifolds by investing their money in the Indian Stock Market, which looks prominent after a stable government, increasing foreign investment, exports and influential geopolitical position. 

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