Better monsoon expected this year; domestic GDP strong, economic growth rate will be more than 7 percent
The National Council of Applied Economic Research (NCAER) said in its monthly review, that key economic indicators show that domestic GDP remains strong. Its pace is faster than other developed economies.
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With better-than-normal monsoon expected and no global risks so far, the Indian economy will grow by over 7 percent in the current financial year 2024-25. According to the National Council of Applied Economic Research, in its monthly review, vital economic indicators reveal that domestic GDP has been resilient at a faster pace than other developed economies—revision in growth rate estimates for the current financial year by all agencies.
Poonam Gupta, the Director General of the Institute of Economic Research, feels that against the backdrop of a pickup in economic activity witnessed during the first quarter and intense policy focus on investment, growth, and macroeconomic stability, as well as expectations of a normal monsoon, the GDP growth rate in the current financial year will cross 7 percent.
As per Mupta, prices of food items cannot be controlled. Indeed, with inflation peaking, further tightening of monetary policy does not seem to be required, he remarked. Even the global environment appears to be turning its way. However, it's tough to control high food prices.
