Deloitte forecasts 6.5-6.8% GDP growth for FY24

New Delhi: Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year.

In its India economic outlook report, released earlier this month, Deloitte said India will need at least 6.5 per cent growth every fiscal to become the world’s third largest economy by 2027, with its Gross Domestic Product (GDP) crossing USD 5 trillion. The country needs 8-9 per cent economic growth to become a developed country by 2047, it added. The Indian economy grew 7.8 per cent in the June quarter, higher than the 7.2 per cent in the year-ago period. “In light of the Q1 GDP growth, we have revised our growth estimate for this year to reflect it. We expect GDP to grow in the range of 6.5-6.8 per cent primarily due to festive spending in the coming months followed by higher government spending before the upcoming national elections mid-next year,” Deloitte India said.