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19 Nov 2024
New Delhi: India's robust growth amid global uncertainties and its position as the fastest-growing major economy are key drivers of positive market sentiment.
The medium-term outlook remains optimistic, attracting investor attention.
RBI governor Shaktikanta Das recently highlighted that India is on the brink of a major structural shift towards a sustained annual growth rate of 8%.
Over the past three years, India's average growth rate has been between 8.1-8.3%, the highest in the Asia Pacific region.
Experts predict growth will exceed 7% in the short to medium term. Global agencies expect India's growth rate to remain around 7% for at least the next three years, fueled by strong domestic demand.
A good monsoon is anticipated to revive rural demand, adding to the overall positive outlook.
Policy stability and the expectation of continued reforms under the new government have also boosted sentiment.
Additionally, China's economic challenges have made India an attractive investment destination.
"India has become the fastest-growing large economy with promising medium-term prospects. The NSO has revised the GDP growth estimate for 2023-24 to 8.2% from 7.3% in the first advance estimates. We project GDP growth to average 6.7% over the medium term," said D K Joshi, chief economist at Crisil.
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