Sustained momentum

Private consumption remains a weak spot

The recovery in the Indian economy from the pandemic has been stronger than expected. After registering a growth rate of 9.7 in 2021-22 and 7 per cent in 2022-23, the Indian economy, according to the second advance estimates of the National Statistical Office (NSO), is expected to grow at 7.6 per cent in 2023-24. The NSO in its first advance estimates had projected a growth rate of 7.3 per cent for the current year. This means that the economy would grow at or above 7 per cent for the third consecutive year, which should be considered a significant achievement, given