World Bank predicts that India's GDP growth will likely slow to 6.3% in FY24

India's GDP growth is expected to slow down to 6.3% in FY24, owing to decreased consumption as a result of slower income, as per a World Bank report.

Analysts and economists predict that a surge in India's services exports, which reached a new high in the quarter of October to December, will protect the economy from external risks while a slowing global economy will likely have a negative impact on the nation's merchandise exports.

According to a Reuters article, more lucrative services like consulting and research and development are now driving service exports in addition to IT services, which are no longer the only ones doing so.

In the three months from October to December 2022, India's exports of services increased by 24.5% year over year, reaching a record $83.4 billion, according to statistics released by the Reserve Bank of India.

At the end of February, the fiscal deficit of the central government reached 82.8% of the goal for the entire year. The government anticipates a deficit of ₹17.55 lakh, or 6.4% of GDP, for the entire fiscal year 2022–23. as reported by Mint