Top financial minds hail India GDP numbers, paint bullish outlook

Indian economy grew more than various experts and global agencies initially estimated for 2022-23. As per the provisional estimates released by the National Statistical Office (NSO) earlier this week, real GDP growth for 2022-23 stood at 7.2 per cent, higher than the 7 per cent projected. The government expects an upward revision in the 2022-23 GDP numbers going ahead. And this was not a one-off year of good growth as several experts have painted a similar picture for the Indian economy for the current financial year 2023-24. Indian government projects 6.5 per cent growth for 2023-24 with various private estimates pegging similar numbers or a little below it. Despite strong global headwinds and tighter domestic monetary policy tightening, various international agencies have forecasted India to be one of the fastest-growing economies in 2023-24, supported by robust growth in private consumption and sustained pick-up in private investment. “GDP figures clearly demonstrate India’s growth potential and resilience due to supportive policies and reforms as part of good governance initiatives,” said Subhrakant Panda, President, the industry body FICCI. Nilesh Shah, MD of Kotak Mahindra Asset Management said that the massive improvement in India’s highways network expansion, and ports handling capacity, airports, power generation in the past decade have been paying dividends. “This time growth is led by investment. not only the government infra investments but also the private capex has taken off,” Shah said. “These infra investments will sustain India’s growth and will keep India as among the fastest-growing major economies in the world.” According to Ashish Chauhan, CEO of the National Stock Exchange, “India has done well in the first two months of 2023-24. As economic activities and consumption rise the country is expected to do well.”