{"id":110373,"date":"2023-09-20T16:23:29","date_gmt":"2023-09-20T10:53:29","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=110373"},"modified":"2023-09-20T16:23:57","modified_gmt":"2023-09-20T10:53:57","slug":"india-ratings-raises-its-fy24-growth-forecast-to-6-2","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/india-ratings-raises-its-fy24-growth-forecast-to-6-2\/","title":{"rendered":"India Ratings raises its FY24 GDP growth forecast to 6.2%"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2282035704\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>On Wednesday India Ratings and Research upwardly revised its FY24 real GDP growth estimate to 6.2 per cent from the 5.9 per cent expected earlier.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2112857069\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The local rating agency ascribed its revision to a number of elements, including the government&#8217;s capital expenditure, deleveraged bank and India Inc. balance sheets, low global commodity prices, and the likelihood that private capital investment will resume.<\/p><p>India Ratings, however, also flagged some constraints on Gross Domestic Product (GDP) growth in the current fiscal year before the general elections, including a slip in global growth, which has hit Indian exports, tighter financial conditions upping the cost of capital domestically, a deficit monsoon, and tepid manufacturing growth.&nbsp;&nbsp;<\/p><p>&#8220;All these risks will continue to weigh and restrict India&#8217;s GDP growth to 6.2 per cent in FY24, and the quarterly GDP growth, which came in at 7.8 per cent in the June quarter, is slated to slow down sequentially in the remaining three-quarters of FY24,&#8221; its principal economist Sunil Kumar Sinha said.<\/p><div class=\"trade-content_5\" id=\"trade-585384285\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>It can be noted that in FY23, the economy had grown at 7.2 per cent. The RBI expects the real GDP growth to come at 6.5 per cent for FY24.<\/p><p>The agency said the consumption demand is not broad-based, and estimated the Private Final Consumption Expenditure (PFCE) to grow 6.9 per cent in FY24 as against 7.5 per cent in FY23.<\/p><p>The real wage growth of households belonging to the lower income bracket has been negative since the fourth quarter of FY21 and became marginally positive only the December quarter of FY23, it said, adding that the same for households belonging to the upper-income bracket rose in the range of 9.5 per cent to 12.7 per cent during the same period.<\/p><p>The agency explained that 1 per cent increase in real wages could lead to a 1.12 per cent increase in the real PFCE and the multiplier effect of this could result in a 0.64 per cent increase in the GDP growth.<\/p><p>There are some green shoots visible on the private capital expenditure front, the agency noted, citing a recent Reserve Bank of India paper.<\/p><p>The agency said while exports are facing headwinds, the services sector recovery is on track.&nbsp; It, however, called out monsoon rainfall and industrial growth as &#8220;areas of concern&#8221;.&nbsp; Retail inflation will soften, and the headline CPI will come at 5.5 per cent in FY24, the agency said, adding that financial conditions will remain tight.&nbsp;&nbsp;<\/p><div class=\"trade-content-10\" id=\"trade-2643347171\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The agency said meeting the 5.9 per cent fiscal deficit target will be a challenge for the government, pointing at the gross tax collection growth at just 2.8 per cent in the first four months of the fiscal year as against a 10.4 per cent estimated in the Budget.&nbsp;<\/p><div class=\"trade-after-content\" id=\"trade-927113191\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>On Wednesday India Ratings and Research upwardly revised its FY24 real GDP growth estimate to 6.2 per cent from the 5.9 per cent expected earlier. The local rating agency ascribed its revision to a number of elements, including the government&#8217;s capital expenditure, deleveraged bank and India Inc. balance sheets, low global commodity prices, and the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":26353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-110373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Ratings raises its FY24 GDP growth forecast to 6.2% - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"On Wednesday India Ratings and Research upwardly revised its FY24 real GDP growth estimate to 6.2 per cent from the 5.9 per cent expected earlier.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/india-ratings-raises-its-fy24-growth-forecast-to-6-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India Ratings raises its FY24 GDP growth forecast to 6.2%\" \/>\n<meta property=\"og:description\" content=\"On Wednesday India Ratings and Research upwardly revised its FY24 real GDP growth estimate to 6.2 per cent from the 5.9 per cent expected earlier.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/india-ratings-raises-its-fy24-growth-forecast-to-6-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-20T10:53:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-20T10:53:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/index-4-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Trade Brains\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Trade Brains\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/india-ratings-raises-its-fy24-growth-forecast-to-6-2\/\",\"url\":\"https:\/\/tradebrains.in\/features\/india-ratings-raises-its-fy24-growth-forecast-to-6-2\/\",\"name\":\"India Ratings raises its FY24 GDP growth forecast to 6.2% - 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