India's Economic Growth
India's economy grew at 8.4% in the third quarter, surpassing estimates and making it the fastest-growing economy in the world according to IMF executive director Krishnamurthy Subramanian. The government raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% previously, driven by higher capital expenditure and fiscal prudence.
Key Points
- 8.4% GDP growth in Q3
- Government focus on higher capital expenditure
- Fiscal deficit expected to narrow to 5.1% for FY 2025
Pros
- India's economy grew at 8.4% in the third quarter, outperforming estimates
- Government raised GDP growth outlook for fiscal year 2023-24
- Focus on higher capital expenditure driving economic growth