Domestic Economy

India demonstrated resilience post the pandemic-induced contraction in FY21, achieving two years of above-7% growth and a similar projection for FY24.

The National Statistical Office's First Advance Estimates indicate an estimated real GDP growth of 7.3% in FY24, surpassing various forecasts.

Domestic Economy

Factors Contributing to India's Resilience

• Smart Covid Management: Localized lockdowns and rapid nationwide vaccination efforts helped control the spread, preventing a sharp output contraction.
• Policy Decisions: Measures taken six years before the pandemic included fiscal policies, monetary support for MSMEs, and a large expansion of the government's capex budget. Proactive inflation management countered commodity price spirals triggered by global shocks.
• Banking ....