Top financial minds hail India GDP numbers, paint bullish outlook
New Delhi [India], June 2 (ANI): 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.
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.
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.
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."
Industry body Confederation of Indian Industry sees India's 2023-24 growth at 6.5-6.7 per cent -- supported by strong domestic drivers and robust momentum in capital expenditure.
"This is not just a one-year number. It is probably the coming together of a whole lot of initiatives being driven by the government...and a massive focus on execution than ever seen before," said Sanjay Nayar, General Partner, Sorin Investments.
This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order.
"By 2023, the IMF, the World Bank, Morgan Stanley they all believe we will be a USD 7.6 trillion economy. So in the next seven years, India will add another India and that will be as much to global GDP all of Europe will do in these years," said Janmejaya Sinha, Chairman of Boston Consulting Group. (ANI)
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