India’s GDP growth could surpass the central bank’s 7% estimate for 2024-25, the National Council for Applied Economic Research (NCAER) said on Monday, citing the forecast of an above-normal monsoon this year as well as upgraded hopes for global growth and trade volumes.
Stating that high-frequency indicators had done well over March and April, NCAER director general Poonam Gupta said that the monsoon forecast augured well for the immediate future and the more benign global outlook projected by the International Monetary Fund (IMF) and World Trade Organisation (WTO) bode well for the Indian economy during the current year.
“The projected acceleration in both global growth and trade volumes as well as forecast of an above normal monsoon indicate that the Indian economy can again attain growth rates higher than 7% during the current fiscal year,” she said.
In its latest World Economic Outlook, the IMF has upgraded global growth to 3.2% for 2024 and 2025, while the WTO had recently projected that world merchandise trade volumes will rise 2.6% this year after a 1.2% slippage in 2023.
