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Economic Growth Forecasts for India: Monthly Current Affairs

2023-2025 Current Affairs December 2023

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Current Affairs November 2023

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Financial institutions are optimistic about India's economic growth. Goldman
Sachs increases the 2023 forecast to 6.7%, with Morgan Stanley revising FY Current Affairs October 2023

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2024 to 6.9%. Current Affairs September 2023

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Various financial institutions have revised India’s growth forecasts. Goldman
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Sachs increased the 2023 projection to 6.7% but maintained 2024 at 6.2%.
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Morgan Stanley raised the FY 2024 estimate to 6.9%, while Citi cited investment
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Goldman Sachs has raised India’s growth forecast for the calendar year 2023 by CM Pushkar Dhami Releases
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20 basis points, now standing at an impressive 6.7% year-on-year. However, Book Highlighting PM Modi’s
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their optimism is cautious as the 2024 forecast remains unchanged at 6.2%.
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Morgan Stanley takes a bullish stance, revising the financial year 2024 growth
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forecast upwards to 6.9% from the previous 6.4%. While optimism prevails, the
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forecast for the financial year 2025 remains steady at 6.5%.

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Citi attributes the boost in the financial year 2024 GDP forecast, now at 6.7% (an
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increase of 50 basis points), to a notable pick-up in investment activity. This Theme And Significance
underscores the significance of economic drivers in shaping growth trajectories.
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Axis Capital joins the positive chorus, raising its estimates to 6.7% with identified 2023: Date, Theme, History And
upside risks. In contrast, Nuvama Institutional Equities maintains a conservative Significance
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State Bank of India (SBI) Research and DBS both anticipate robust growth. SBI
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Research has revised its GDP forecast for fiscal 2023-24 to approximately 7%,
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demonstrating confidence in India’s economic momentum. Meanwhile, DBS now

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envisions growth in the current financial year at 6.8%, up from the earlier
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projection of 6.4%.
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IDFC First Bank joins the upward revision trend, boosting its India GDP forecast
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for the full fiscal year to 6.7% from the previous 6.2%. This adjustment signals a
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shared optimism among financial institutions regarding India’s economic

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performance.
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Bank of Baroda Economist Jahnavi Prabhakar emphasizes the role of
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government spending and a delayed festive season in supporting growth.

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Anticipating a higher growth for FY24, the bank introduces an upward bias of
0.1-0.2%, underlining the multifaceted factors influencing India’s economic
trajectory.
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Q: What is Goldman Sachs’ revised growth forecast for India in 2023, and
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how does it compare to the forecast for 2024?

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A: Goldman Sachs has increased India’s 2023 growth forecast to 6.7% year-on-
year, a 20 basis point hike. However, they maintained the 2024 forecast at 6.2%.

Q: What factors does Citi attribute to the increase in their financial year
2024 GDP forecast for India?

A: Citi attributes the 50 basis point increase in its financial year 2024 GDP
forecast (now at 6.7%) to a notable pick-up in investment activity.

Q: How does Morgan Stanley’s outlook for the financial year 2024 differ
from its previous projection, and what about the financial year 2025?

A: Morgan Stanley has revised its financial year 2024 growth forecast upward to
6.9% from 6.4%. The forecast for the financial year 2025 remains steady at
6.5%.

Q: What is the stance of Nuvama Institutional Equities regarding India’s

GDP growth, and how does it differ from Axis Capital?

A: Nuvama Institutional Equities has retained the GDP growth forecast at 6.5%,
while Axis Capital raised its estimates to 6.7% with identified upside risks,
showcasing diverse perspectives.