Indian Economy Outlook – 2024
How did we score in 2023? The after-effects of once-in-a century pandemic, two major geo-political conflicts, fear of recession, collapse of Silicon Valley Bank and ‘higher for longer’ interest rates were the defining features of 2023. Despite numerous challenges, the year proved to be more favourable than anticipated. India experienced a noteworthy surge in GDP growth, reaching 7.6% in the July-September 2023 quarter, surpassing the forecasts set by the Reserve Bank of India. With this impressive growth rate, India maintains its status as the world's fastest-growing major economy. The upswing can be credited to strong macroeconomic fundamentals and a resilient domestic demand. Let's delve into the intricate relationship between these fundamentals and various other factors that will influence the economic trajectory in 2024. Factors to consider for Outlook-2024 Banking Sector – In recent years, Indian banks have demonstrated positive advancements in key parameters t...