The Expected Economic Growth Of India in 2023-24 – As per the latest India Development Update (IDU) by the World Bank, India’s economy increased at 7.2% in FY22/23 and has made it one of the fastest-growing major economies across the world.
Reasons
- Domestic Demand: India’s strong internal demand has increased its economic growth.
- Infrastructure Investments: Notable investments in public infrastructure increased economic activity.
- Financial Sector Strength: The financial sector becomes stronger, contributing to the overall economic resilience.
- Increased Bank Credit: Bank credit was increased by 15.8% in the first quarter of FY23/24, showing a healthy financial environment.