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India’s Gross Domestic Product (GDP) growth rate in the quarter ending June 30, 2024 came in at 6.7% against the 7.8% growth posted in the previous quarter (January to March).
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India's gross domestic product (GDP) grew 7.6% year-on-year in the July-September quarter (Q2) of the current financial year 2023–24.
The Reserve Bank of India (RBI), India's central bank, predicted a 7 percent increase in GDP for FY23, although actual growth was closer to 7.2 percent.
On Tuesday, the International Monetary Fund (IMF) lowered India's FY24 growth prediction by 20 basis points to 5.9 percent in its biannual Global Economic Outlook.
Shaktikanta Das, Governor of the Reserve Bank of India (RBI), stated on Wednesday that the Monetary Policy Committee (MPC) at its February meeting has put real GDP growth for FY24 at 6.4%, while growth for FY23 has been pegged at 7%. The MPC predicts 7.8% growth in Q1FY24, 6.2% in Q2, 6% in Q3, and 5.8% in Q4.
Beijing set a target of 5.5 percent, which is already much lower than the performance of 2021, when the country's GDP expanded by more than eight percent.
World Bank predicts that India's inflation will be 7.1% in FY23.
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