OECD Sees Indian Economy Growing At 6.3% In FY24

September 20,2023

The Organisation for Economic Cooperation and Development (OECD) has revised its GDP growth projection for India in the fiscal year 2024, forecasting a rate of 6.3% from the previous estimate of 6%. The OECD attributes India's positive growth surprises to favorable agricultural outcomes driven by favorable weather conditions. The organization has also revised India's inflation projection, anticipating it to be 5.3%, a rise from the previous estimate of 4.8% made in June. OECD has also revised its GDP growth projection for India in the fiscal year 2025 downward to 6%, from the earlier projection of 7%. OECD noted that global economy is projected to grow at a rate of 3% in 2023 and is expected to slow down further to 2.7% in 2024.