Amid global slowdown, India’s outlook positive, says FinMin

PTI

New Delhi, March 22

The Finance Ministry on Friday said with an uptick in private investment and inflation trending down, India’s outlook for the next financial year looks positive.

The Monthly Economic Review also said inclusion of Indian bonds in Bloomberg bond index from January 2025 should bolster inflows. It said robust investment activity is driving growth amid a steady rise in consumption. “The continued focus on public investment seems to have crowded in private investment,” said the February edition of the review by Department of Economic Affairs.

Investment robust, inflation in control

• Monthly Economic Review has said inclusion of Indian bonds in Bloomberg index from January 2025 should bolster inflows. It said robust investment was driving growth amid a steady rise in consumption
• It said inflation outlook for future was positive. Core inflation is trending downwards, indicating a broad-based moderation in price pressures

The National Statistical Office (NSO) has revised upwards the GDP growth estimate for current fiscal to 7.6 per cent from 7.3 per cent.

India grew above 8 per cent for three consecutive quarters, reaffirming its position as a standout performer amid sluggish global growth trends. Various agencies echo a similar sentiment revising the FY24 growth estimates of India closer to 8 per cent, the ministry said.

“On the whole, India looks positively towards the dawn of FY25,” the review said. It said increased demand for residential properties in tier-2 and tier-3 cities augurs well for furthering construction activity. Non-farm employment has revived, improving the capacity to absorb the labour leaving agriculture.

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