India’s Ministry of Computational and Programmatic Implementation has said in its first working estimate that the country’s economy is likely to grow by 7.3 percent in the financial year 2023-24. It was told by the ministry that in the figures made, the provisional growth rate of the last financial year is more than 7.2 percent.

India’s National Statistical Office (NSO), under the Ministry of Statistics, said nominal real GDP growth is projected to be 7.3 per cent during 2023-24.Whereas in 2022-23 it was 7.2 calculated percent.

This predictable growth trajectory helps keep India ahead of major global economies. India’s government spending has seen a predictable increase and manufacturing activity has also seen significant growth.

The advance estimate is in line with the recent adjustment in the growth forecast of the Reserve Bank of India (RBI). India’s central bank has raised its growth forecast to 7 percent from 6.5 percent.

Defense deal worth $96.9 million has been signed by the Government of India to strengthen the capabilities of the country’s military.

Steps taken by the Government of India to boost the economy mainly include increased state spending to improve infrastructure in the country.

The government has also made investments with the aim of promoting manufacturing.

The Indian economy grew at a calculated rate of 7.6 percent year-on-year in the September quarter. This was a better performance than expected.

Despite the boost from global factors and uncertainties, the performance of the Indian economy has remained strong. S&P Global Ratings has predicted that India will be the fastest growing major economy for the next three years. will retain its position as an economy

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Prudent fiscal policies, a resilient domestic market and strategic investments have proven to be a winning combination for India to outperform its global peers.

Estimates by the rating agency have shown that India can become the third largest economy in the world by 2030.