The Indian economy could grow faster than 7% in this financial year, the National Council of Applied Economic Research (NCAER) said in its monthly economic review released on Monday.
"Projected acceleration in both global growth and trade volumes, as well as the forecast of an above-normal monsoon, indicate that the Indian economy can again attain growth rates higher than 7% during the current fiscal year," said NCAER director general Poonam Gupta.
The International Monetary Fund, earlier this month, raised India's 2024-25 growth forecast to 6.8% from 6.5% projected earlier.
According to government data, the economy grew 7.6% in FY24.
The NCAER's April review found that the economy carried forward the momentum seen in February and March. "A range of high-frequency indicators reveal the resilience...with Purchasing Managers' Index (PMI) for manufacturing at a 16-year high and UPI (Unified Payments Interface) touching highest volume since its inception in 2016."
Source Name :Economic Times