In a recent statement, the Ministry of Finance expressed optimism about the economic outlook for the fiscal year 2024 (FY24). High-frequency indicators have led the ministry to believe that the second quarter of FY24 is progressing positively.
6.5% GDP Estimate: A Comfortable Projection
The Finance Ministry has confidently estimated the real GDP growth for FY24 to be 6.5 percent, indicating a stable and promising trajectory for the Indian economy in the coming year.
Potential Risks on the Horizon
While the economic outlook appears bright, the Monthly Review issued a cautionary note. It highlighted potential risks that could impact the economy in the future, including concerns about the monsoon deficit, rising crude oil prices, and the possibility of a stock market correction.
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