India Ratings and Research (Ind-Ra) has revised India s GDP growth estimate for FY25 upwards to 7.1 per cent, exceeding the Reserve Bank of India s forecast of 7.0 per cent. The agency s outlook is supported by government capital expenditure and a revival in private sector investment. Challenges include uneven consumption demand and export sector obstacles. Despite positive indicators, constraints remain, such as high inflation and geopolitical uncertainties affecting exports.
The Indian central bank, on August 10, raised its headline retail inflation forecast for 2023-24 to 5.4 percent. However, the July inflation number has thrown the proverbial spanner into these projections
CPI inflation is set to shoot up in July - data for which will be released on August 14 - and cross the upper bound of the Indian central bank s 2-6 percent tolerance range for the first time in five months.
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If India capitalises on its opportunities and overcomes challenges, it is widely believed that India will bend time , Patra said. It is possible to imagine India striking out into the next decade with a growth rate of 11 per cent .