India's FY24 GDP data: Spate of forecast hikes, but not all agree

Some say El Niño conditions may prove to be a headwind for the economy

In the wake of robust gross domestic product (GDP) data for the last fiscal year (FY23), some analysts have revised their FY24 economic growth estimates upwards, citing a resurgence in manufacturing and private investments. Others, however, have stuck to their earlier projections, saying El Niño conditions and a hit on exports due to a slowdown in the West are the two biggest headwinds for the Indian economy.

India’s economic growth shot up by 6.1 per cent in Q4FY23 and 7.2 per cent in FY23, beating analysts’ expectations, as the expansion in manufacturing and construction surprised on the upside, reflecting sustained