India's Q2FY24 GDP is expected to grow at 6.8-7.1%, slower than 7.8% in Q1FY24, due to global economic slowdown, inadequate rainfall and reduced government capital expenditure.
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The Indian economy is one of the fastest growing large economies in the world. Nevertheless, factors such as global economic slowdown, insufficient rainfall and low government capital expenditure may slow down the country's growth pace. Barclays analysts expect India's GDP to grow at 6.8 per cent year-on-year in Q2FY24, slower than 7.8 per cent in Q1FY24 but still showing strong sequential growth. For FY23-24, Barclays estimates GDP growth at 6.3 per cent, but it also sees upside risks, primarily arising from very strong consumption demand, as per various high-frequency data. Is reflected in. "Credit growth, electricity consumption and mobility indicators all paint a picture of economic resilience," Barclays said. Therefore, we believe the domestic economy will continue to accelerate growth.'' Driven by the services sector (+10.3 percent to +8.2 percent) and agriculture, GVA growth is projected to decelerate from 7.8 percent in Q1 to 6.8 percent in Q2. .
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