India’s GDP is likely to grow at a rate of 6.6 per cent in the ongoing fiscal year, buoyed by increased consumption expenditure, resurgence in exports, and inflows of capital, Deloitte India has said in a report.
The report forecasts a substantial rise in the number of middle-to-high-income households in India, potentially reaching one in two households by 2030-31, up from the current one in four. This trend is expected to further accelerate, driving overall private consumer expenditure growth.
Deloitte revised its economic growth forecast for the previous fiscal year to a range of 7.6 to 7.8 per cent, contrasting with its earlier projection of 6.9-7.2 per cent for the 2023-24 fiscal year.
Looking ahead, India’s GDP growth is estimated to reach 6.75 per cent in FY2026, taking into account evolving geopolitical dynamics influencing investment and consumption decisions in global markets.
Rumki Majumdar, Deloitte’s India economist, predicts a synchronised global economic rebound in 2025, following the resolution of major election uncertainties and potential rate cuts by Western central banks in 2024. Improved capital flows and a resurgence in exports are expected for India under this scenario.
