India to witness moderate pace of growth between 6-6.5% in FY24: Deloitte

New Delhi, May 6 (KNN) While the global economy continues to struggle, India will likely grow at a moderate pace between 6 per cent and 6.5 per cent in FY2023-24, Deloitte India said on Friday.

Rumki Majumdar, Economist at Deloitte India said that growth in the next year will likely pick up as investment kickstarts the virtuous circle of job creation, income, productivity, demand, and exports supported by favourable demographics in the medium term.

A turnaround is expected in investments to thrust the economy into sustainable growth, said Majumdar.

“India will likely grow at a moderate pace between 6 per cent and 6.5 per cent in FY 2023-24, as the global economy continues to struggle," added Majumdar.

However, capital investment, especially in the private sector, has lagged so far, Deloitte said in a statement on Friday. 

According to Rumki, growth in services has seen an exceptional rebound and so has its contribution to exports not only in IT but also in non-IT business services.

"India must reap benefits where it has a comparative advantage and build a robust and efficient ecosystem to bring more MNCs to its shore. This will have a spill-over on investments in the manufacturing space as well," she added.  (KNN Bureau)