According to Deloitte, India’s GDP would increase by 6.6% in FY2024–2025

Deloitte India said on Friday that it projects 6.6% GDP growth in India for the current fiscal year, driven by capital inflows, rising exports, and consumer spending.

According to Deloitte’s India Economic Outlook Report, the middle-class population’s explosive expansion has increased buying power and even generated a market for high-end luxury goods and services.

It said that it is anticipated that by 2030/31, one in two families would belong to the middle-to-high income sector, compared to the present one in four. This trend is expected to continue and drive an increase in total private consumer spending.

The growth estimate for India for the previous fiscal year was updated by Deloitte to range from 7.6 to 7.8%. The company forecast growth of 6.9–7.2 percent for the 2023–24 fiscal year in January. As markets learn to account for geopolitical concerns, the country’s GDP growth is projected to reach around 6.6% in FY 2024–2025 and 6.75 percent in the following year, according to Deloitte’s quarterly report. — PTI

USDK drops $2.28 billion to $640.33 billion in forex.

For the seven days that ended on April 19, India’s foreign exchange reserves fell by $2.282 billion to $640.334 billion, marking the second consecutive week that the amount fell, the RBI announced on Friday.