The Organisation for Economic Cooperation and Development (OECD) has revised upwards its growth estimate for India by 20 basis points to 5.9 per cent for FY24.
In its latest interim outlook released on 17th March 2023, titled “Fragile Recovery”, OECD said, “India’s growth is projected to moderate to about 6 per cent in FY2023-24, amid tighter financial conditions before picking up to recover to around 7 per cent in FY 2024-25.”
OECD expects India’s gross domestic product (GDP) to grow at 6.9 per cent in FY23 against 7 per cent estimated by the Central Statistical Organisation. In the December quarter of FY23, the economy grew 4.4 per cent year-on-year. OECD on Wednesday said India’s GDP growth slowed down sequentially to 0.7 per cent in the December quarter compared to 1.7 per cent in the September quarter based on seasonally adjusted quarter-on-quarter data.