Budget 2024: Nominal GDP growth seen at 10.50 per cent, FY24 fiscal deficit revised down
Budget | February 01, 2024 12:33 ISTThe fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
The fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
S&P forecasted that India will achieve 7 per cent GDP growth in 2026-27 fiscal and the growth rate will propel the county to become the third-largest economy. India currently is the fifth largest economy in the world behind the US, China, Germany and Japan.
Ex-Niti Aayog Vice Chairman Rajiv Kumar explained the behaviour of the Indian economy by saying major risks going forward will emerge from a synchronized downturn in the North American and European economies.
If the forecast comes true, India's GDP growth will be lower than Saudi Arabia's expected 7.6 per cent expansion.
In the June monetary policy, the RBI had lowered the growth projection for 2021-22 to 9.5 per cent from 10.5 per cent estimated earlier.
The forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that the international organization predicted in April before the second wave hit India.
The Reserve Bank on Friday lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent.
GDP is still likely to grow in the double digits in 2021 given the low level of activity in 2020 according to Moody's Investors Service.
India forecasts 2018-19 GDP growth at 7.2% vs 6.7% provisional growth in 2017-18
According to the global financial services major, dissipating base effects, tighter financial conditions and limited fiscal headroom will come together to moderate growth this fiscal.
The real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs 121.96 lakh crore and Rs 113.86 lakh crore respectively, showing growth of 7.1 per cent during 2016-17 and 8.2 per cent during 2015-16, the CSO said.
New Delhi, Feb 7: Describing the 6.9 per cent growth projected for the current fiscal as disappointing, Finance Minister Pranab Mukherjee today said it was on account of a slowdown in industrial output and investment
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