Deloitte projects India’s GDP to grow at 6.6% in FY2024-25

New Delhi, April 26

Deloitte India on Friday said it estimates India’s GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows.

In its India’s economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services.

With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.

Deloitte has revised India’s growth prediction for last fiscal to a range of 7.6 to 7.8 per cent. In January, the firm projected growth for 2023-24 fiscal in the range of 6.9-7.2 per cent. The country’s GDP growth is estimated to reach around 6.6 per cent in FY 2024-25 and 6.75 per cent in the year after, as markets learn to factor in geopolitical uncertainties, Deloitte said in its quarterly update. — PTI

Forex kitty declines $2.28 bn to $640.33 bn

India’s forex reserves decreased $2.282 billion to $640.334 billion for the seven days ended April 19 in the second consecutive week of drop in the kitty, the RBI said on Friday.

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