Nomura raises India's FY24 GDP growth forecast to 5.9%

Nomura on Friday raised India's economic growth forecast for financial year 2023-24 (FY24) to 5.9 per cent from 5.5 per cent earlier, the agency said in a report.

India's Gross domestic product (GDP) recorded a growth of 7.8 per cent on an annual basis for the June quarter, which was in-line with the expectations of analysts.

The number accelerated from 6.1 per cent growth recorded in the March quarter.


However, the country's GDP for FY25 was lowered by Nomura on the back of a weak monsoon and higher food inflation which may result in slowdown in government capital expenditure and sluggish global growth pressuring domestic demand.