India's GDP: Chief economic adviser Nageswaran confident of growth prospects for FY24

After India reported a higher-than-expected GDP on Wednesday, the Chief Economic Adviser V Anantha Nageswaran has expressed confidence about the growth prospects of the country. He has said that India's growth may exceed his initial forecast of 6.5% in the current fiscal.

"We are prepared to stick our neck out one more time and say that the risks to 6.5% (GDP growth forecast for 2023-24) are probably more evenly balanced – that is, there is as good a chance that this number may be exceeded as there is a chance that the reality may undershoot this number," said Nageswaran.

India's economy grew by 6.1% for the Jan-Mar quarter of 2022-23 and the annual growth rate was at 7.2%. As per the data released this due to a better performance in agriculture, manufacturing, mining and construction sectors.

The Chief Economic Adviser also said that the headline retail inflation of India will come close to the RBI's medium-term target of 4% in 2023-24.