Key Points
India recorded a provisional GDP growth of 8.2 per cent for 2023-24, as against 7 per cent in the previous fiscal owing to a good show in the manufacturing sector...
A sharp decline in non-performing assets and growth in other key sectors like agriculture, construction, industries and services also contributed to the GDPs growth, which surpassed the RBIs projection of 7 per cent and the World Banks 6.6 per cent...
The GDP growth propelled the Indian economy to $3.5 trillion and set the stage for achieving the $5-trillion target in the next few years...
Sources said strong corporate and bank balance sheets, continued capex push by the government and strategic trade pacts like India-EFTA (European Free Trade Association) agreement, were among the bright spots for India even as several major economies like China (5.2 per cent), Japan (1.9 per cent) and the US (2.5 per cent) were facing downturn...
Elevated financial market valuations globally (particularly in the US) and possible spill over effects on Indian markets were expected, they said, adding there could also be an impact on the sentiment and household finances due to rising retail exposure to direct stock investments and derivatives positions..
