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India’s GDP Growth Forecast Various Financial Organizations: The financial year 2023 and 2024 (Last Update-7 December 2023)
Here we are providing the list of the organization who has forecast India’s GDP (Gross Domestic Product) for the Financial Year 2023 and FY 2024. GDP Forecast is one of the most important topics for in Competitive exams. GDP Forecast questions asked in GA/GK Section. You can check the GDP Forecast from the below table.
India GDP Growth Forecast by Different Financial Organizations
GDP FORECAST OF INDIA
| Organization | FY23 (2022-23) | FY24 (2023-24) |
|---|---|---|
| Fitch | 7.2% | 6.3% |
| HSBC Bank | 5.8% | |
| RBI forecasted | 6.8% | 6.5%, |
| Moody | 6.8% | 6.7%-20236.1% -20246.3%-2025 |
| Asian Development Bank (ADB) | 7% | 6.4% (6.7% FY25) |
| World Bank | 6.9% | 6.3% |
| World Economic Outlook released by International Monetary Fund (IMF) | 7.2% | 6.3% (6.3% 2024-25) |
| FICCI | 6.9% | 6% |
| Organisation for Economic Co-operation and Development (OECD) | 7.2% | 6.3% (FY 25-6%) |
| UNCTAD | 6.6% (2022) | 6% (2023) |
| Goldman Sachs | 6.3% (2023) | |
| CRISIL | 7% | 6% |
| UN (United Nation) | 6.6% (2022) | 5.8%-20236.7%-2024 |
| Confederation of Indian Industry (CII) | 7.2% | 6.5-6.7% |
| India Ratings & Research (Ind-Ra) | 6.9% | 5.9% |
| Economy Survey | 7% | 6.5% |
| National Council of Applied Economic Research (NCAER) | 7.4% | 6.5% |
| Standard & Poor’s (S&P) | 7.2% | 6.4% (6.9% in FY25 and FY26.) |
| ICRA | 6.9% | 6% |
| State Bank of India (SBI) | 7.1% | between 6.2% and 6.3%. |
| Morgan Stanley | 7% | 6.4% |
| CARE Ratings | 7% | 6.5% |
| Normura | 5.9% | |
| UBS | 6.9% | 6.3% (FY25-6.2%) |
| National Statistical Office (NSO) | 7% |
India’s GDP Growth Forecast by Various Financial Organizations FAQs
Q. What does GDP stand for?
Ans. GDP stands for Gross Domestic Product.
Q. What is GDP?
Ans. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
Q. How is GDP calculated?
Ans. GDP = private consumption + gross investment + government investment + government spending + (exports – imports).
Q. Who is responsible for calculating the GDP of India?
Ans. The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India, macroeconomic data gathering, and statistical record keeping.
Q. What is Fiscal Year / Financial Year (FY)?
Ans. A fiscal year can start and end at any point during the year, as long as it comprises a full 12 months, if it starts on January 1 then it ends on December 31. In India, this 1 year period starts from 1st April and ends on 31st March.
