Upward revision: OECD raises India’s FY24 GDP growth projection to 6.3%

The Organisation for Economic Cooperation and Development (OECD) has raised India’s gross domestic product (GDP) growth projection for financial year 2024 to 6.3 per cent, up from the previous estimate of 6 percent.

India, which is listed among the G20 emerging-market economies, has experienced mostly positive growth surprises, attributed in part to favourable weather-related agricultural outcomes, OECD said. The global economy, however, is expected to grow at a rate of 3 per cent in 2023, before slowing down to 2.7 per cent in 2024, according to the report.