India’s Solid Growth and Prospects Boost Market Sentiment | India Business News – Times of India

New Delhi: India’s solid growth amid the backdrop of global uncertainties and its emergence as the fastest-growing major economy in the world have been key factors driving market sentiment. Prospects appear bright for this growth rate to be sustained in the medium term, which has attracted the attention of investors.
Highlighting the robust acceleration in growth, RBI governor Shaktikanta Das said last month that the country is at the threshold of a major structural shift in its growth trajectory and is moving towards an annual rate of 8% growth in a sustained manner.

India’s average growth rate in the last three year is estimated at 8.1-8.3% — the highest in the Asia Pacific region. Most experts reckon that growth will exceed 7% in the short-to-medium term. Global agencies expect India’s growth rate to be around 7% for at least the next three years, driven by strong domestic demand. It is anticipated that a robust monsoon will help in the revival of rural demand, adding to overall optimism. Policy stability and expectations that reforms will continue after the swearing in of the new govt have also helped in boosting sentiment. China’s economic woes have prompted investors to look at India as a safe bet too.
“India has emerged as the fastest-growing large economy with healthy medium-term prospects. NSO has ratcheted up the GDP growth estimate for 2023-24 to 8.2% compared to 7.3% in the first advance estimates. We expect GDP to grow at an average rate of 6.7% over the medium term,” said D K Joshi, chief economist at Crisil.

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