CURRENT AFFAIRS: BANKING & FINANCE
Finance Ministry is comfortable with 6.5% baseline GDP growth estimate for FY24
- Terming India’s economic outlook for the current fiscal remains “bright”, the finance ministry stated the baseline estimate for GDP growth in FY24 is 6.5%.
- The Indian economy grew by 7.2 percent last fiscal but growth is expected to slow down in the current fiscal due to the global slowdown.
- The economy however, grew at a higher than anticipated rate of 7.8% in the first quarter of 2023-24, raising growth projections by private agencies for the fiscal.
- However, most agencies still remain cautious about GDP growth with forecasts at less than 6.5%.
- The monthly report however, highlighted positives for the economy and noted that the monsoon deficit of August has been partially plugged in September while prices of selected food items that drove inflation to over 7% in July are on the retreat.
