Oecd Boosts India S Gdp Growth Projection For Fy24 To 6 3

Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Stock chart

OECD boosts India's GDP growth projection for FY24 to 6.3%

ri-calendar-2-lineSep 20, 2023

By: BlinkX Research Team

FbkFbkTwitterTelegram

The Organization for Economic Cooperation and Development (OECD) has increased India's GDP growth projection for fiscal year 2024 to 6.3%, up from 6% before.

 

According to the OECD, India, which is one of the G20 emerging-market countries, has witnessed generally positive growth surprises, attributed in part to favorable weather-related agriculture outcomes. The global economy, on the other hand, is expected to grow at 3% in 2023 before dropping to 2.7% in 2024, according to the report.

 

“A disproportionate share of global growth in 2023-24 is expected to continue to come from Asia, despite the weaker-than-expected recovery in China,” the OECD report noted.

 

In addition, the OECD increased India's inflation projection to 5.3%, up from 4.8% in June. According to the report, while headline inflation in several nations fell in the first half of 2023 owing to lower food and energy prices, core inflation did not fall much.

 

“A key risk is that inflation could continue to prove more persistent than expected, which would mean interest rates need to tighten further or remain higher for longer,” the report said.

 

According to the report, numerous large economies, including India, Indonesia, Mexico, and South Africa, have the opportunity for modest policy easing over the next year.

 

Meanwhile, the report reduced India's GDP growth projection for FY25 downward to 6% from 7% before.

 

The OECD recommended caution in monetary policy until strong indicators of long-term relief from inflationary pressures emerged. It also emphasized the need for fiscal policy in preparing for future spending pressures.

 

The OECD advised that concerns about economic security should not deter governments from capitalizing on opportunities to reduce trade barriers, particularly in the service sectors. “Lowering trade restrictions would boost productivity and growth,” the OECD report said.

Related News

News Thumbnail
Economy

The ₹2000 banknote withdrawal: Where we stand

3 mins read. November 3, 2023 at 08:41 AM

News Thumbnail
Economy

FOMC holds Fed Funds Rate steady with Cautionary Outlook

1 mins read. November 3, 2023 at 08:25 AM

News Thumbnail
Economy

Coal sector records 16.1% growth in September 2023: Centre

2 mins read. November 3, 2023 at 04:09 AM

News Thumbnail
Economy

Indian Railways achieves 87.25 MT freight loading till October 2023

1 mins read. November 2, 2023 at 04:46 AM

Related Blogs

Stock chartCommodities

Why Gold Remains a Safe Haven Amid Global Economic Shifts in 2025

0 people read

4 mins read . Sep 5, 2025

Stock chartDemat Account

Biggest Winners and Losers in MSCI: Key Movers in Global Indices 2025

0 people read

3 mins read . Aug 20, 2025

Download app

Access BlinkX
everywhere
across device

Join the Future of Trading

with BlinkX

#ItsATraderThing

Open Trading Account
Verify your phone
+91
*By signing up you agree to our terms & conditions