India’s economic outlook April 2024
The country achieved an impressive 8.4% growth rate in the third quarter of fiscal year 2024, exceeding all previous expectations. For this quarter, market experts had predicted a slower increase rate of 6.6% to 7.2%. According to Deloitte's January 2024 prediction, growth ranges from 7.1% to 7.4%. After significant data revisions, India's GDP growth has reached 8.2% year over year (YoY) for the past three quarters of the fiscal year. Based on India's GDP updates and stronger-than-expected growth in fiscal 2024, we've raised our growth prediction for this year from 7.6% to 7.8%. We anticipate a slight fourth-quarter increase due to uncertainty around India's 2024 general elections and a moderate rise in consumer growth. Deloitte’s Forecast on India’s economic growth Our predictions for the near future remain consistent with prior projections, except for a slight adjustment to the projected range due to a more significant base impact in fiscal 2024