New Delhi, Apr 27 (KNN) Deloitte has revised upwards its forecast for India's GDP growth in the fiscal year 2023-24 (FY24) to the range of 7.6-7.8 per cent.

This marks an increase from its earlier projection of 6.9-7.2 per cent, reflecting optimism about higher consumption expenditure and economic activity in the country.

The upward revision by Deloitte follows similar moves by several other prominent entities, including the International Monetary Fund (IMF), World Bank, Asian Development Bank, and S&P Global, all of which have raised their forecasts for India's GDP growth in FY24.

According to Rumki Majumdar, Economist, Deloitte India, the global economy is expected to witness a synchronous rebound in 2025 as major election uncertainties are resolved and central banks in the West may announce a couple of rate cuts later in 2024.

"India will likely see improved capital flows and a rebound in exports," Majumdar said.

Majumdar further added, "Strong growth numbers over the past two years have helped the economy catch up with pre-covid trends. Investment, backed by strong government spending on infrastructure, has helped India maintain a steady recovery momentum."

As of now, India remains the world's fastest-growing major economy. In the December quarter, the economy surged ahead, clocking an impressive 8.4 per cent growth and defying fears of a slowdown, as manufacturing, electricity, and construction sectors continued to perform remarkably well.

Deloitte expects India's GDP growth to be around 6.6 per cent in FY25 and 6.75 per cent in FY26, reflecting a sustained positive outlook for the Indian economy in the coming years.

(KNN Bureau)