Here we are sharing a piece of big news with you the Indian economy increased 7.6% during the July – September quarter for fiscal 2023 -2024 (Q2FY24), remaining the fastest-growing main saving in the world, as per the gross domestic product (GDP) data released by the statistics ministry. The Q2 GDP growth- backed by government spending and strong performance in manufacturing, mining, and construction sectors. Now multiple people are keen to know the whole information about it. Here we have more information about the news and we will share it with you in this article, so let’s continue the article.
Now economists state that with the Q2 GDP development rate coming in well beyond anticipations, the RBI may opt for a hawkish stance in its coming financial policy committee (MPC) announcement on 8 December. The economic development would give space to the central bank, which held its rates for the fourth straight time in October, to focus on food inflation, which it thinks is ‘uncomfortably high’. Gross domestic product (GPD) is the value of the finished domestic interests and services delivered within a nation’s borders. Scroll down to the next page for more information about the news.
Economists expect RBI to continue with a hawkish stance
Sakshi Gupta is a Principal Economist who works at HDFC Bank, Gurugram and she stated “This could be the start of some prematurely signs that there is a rebalancing from services to goods in the economy. The GDP print for the second quarter does pose an upside bias for our full-year forecast of 6.5%”. She also added, that we hope the Reserve Bank of India (RBI) remains hawkish in the upcoming policy as development persists to show power while inflation risks linger on”. You are on the right page for more information about the news, so please read the complete article.
Economists revise full-year FY24 GDP growth forecast
Kotak Mahindra Bank Chief Economist Upasna Bhardwaj stated “The sharp upside surprise to the second quarter GDP figures is a welcome sign, particularly as it arrives in the background of a broad-based pickup across most non-farming sectors”. She also added, ‘ We expect the second half growth to moderate. Having stated that, the full year GDP number has got a big fillip after today’s figures,”.Chief Economist Nikhil Gupta agreed India’s GDP growth remains extremely strong. At 7.7 per cent real growth in 1H. Here we have shared all the information which we had. Stay connected with us for more updates.