The big concern for major economies is to push growth as a result of the soaring inflation across the world. India is no different. The Reserve Bank of India RBI and the government are not leaving a stone unturned in the pursuit of curbing inflation. Different economists have different views on India's GDP growth forecasts. Here is what economists think about India's growth rate in FY 23.
The growth in India is going to be around 7 per cent in FY 23 and he believes that even in FY 24 the growth is going to be around 7 per cent.
My sense is that in FY 23 it will probably grow at a rate of 7 per cent. We're going to grow around 7 per cent in FY 24. Garg said that's an optimistic estimate unless we have policy blunders.
Singhal believes that the nation will see a growth of 7 per cent in FY 23. I think we started the year at 7.5 per cent. In two rounds, we have downgraded our growth assessment for FY 23. We are now at 7 per cent. We slashed it to 7.2 first. Singhal said that they would reduce it further to 7 per cent. She added that exports and inflation were the main downside risk to India's growth.
If the economy is managed well, the inflation can come down to 6.5 per cent, otherwise the average is going to be 7.5 per cent, especially food prices.
He adds that there are no realistic chances of reaching this level of growth. The government should manage subsidies well, which is loosely managed as of now, to achieve good growth and control inflation, Gulati cautioned.
Bhanumurthy, a well-known economist, believes that India should be able to achieve growth of 7 per cent going forward. Bhanumurthy cautions that the downside risk for that growth would be how global demand for domestic commodities would be going to sustain. In India, last year, the exports of over $420 billion were seen, and economists fear that this export growth will be difficult to sustain this year in view of the current macroeconomic climate.