According to the National Statistics Office, the Indian economy is projected to grow by 7.3% in the 2023-24 financial year, maintaining its position as the fastest-growing major economy. In the previous years, India's economy expanded by 7.2% in 2022-23 and 8.7% in 2021-22.
Finance Minister Nirmala Sitharaman has outlined a vision for India to achieve a 30 trillion-dollar economy by 2047. She also emphasized India's goal of becoming a 5 trillion-dollar economy by 2028, highlighting the country's receipt of 919 billion US dollars in foreign direct investment over 23 years until 2023, with 65% of these investments occurring in the past nine years.
Speaking at the Vibrant Gujarat Global Summit in Gandhinagar, Sitharaman commended Gujarat's significant contribution to the country's GDP, with over 8% of the total. Additionally, Commerce and Industry Minister Piyush Goyal mentioned that the PM Gatishakti initiative is becoming a global benchmark for integrated and seamless multi-modal connectivity.
PHDCCI, citing experts, expressed optimism about the market's resilience and predicted that new highs would be reached in 2024. They anticipate that both the Nifty 50 index and Sensex will surpass 25,000 and 75,000 points, respectively, benefiting from the government's ongoing reforms.
The report from PHDCCI also forecasts an average inflation rate of around 4.5% in 2024. Furthermore, they expect the Reserve Bank of India to reduce the repo rate by 100 basis points, bringing it to 5.5% by the end of 2024.
In its December meeting, the RBI monetary policy committee unanimously decided to maintain the policy repo rate at 6.5%, marking the fifth consecutive occasion of maintaining the status quo. The repo rate represents the interest rate at which the RBI lends to other banks. (Inputs also from ANI)
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