NIPFP forecasts India’s 7.1% GDP growth this fiscal

New Delhi: Economic think-tank National Institute of Public Finance and Policy (NIPFP) on Friday said it has estimated India’s GDP growth at 7.1 per cent for the current fiscal, using high-frequency models.

NIPFP, in a series of tweets, said the Centre is on a fiscal consolidation path through buoyancy in taxes and revenue expenditure compression. The economic think tank said that in 2023-24, States’ capex growth is robust due to significant capex transfers from the Centre. While the Asian Development Bank (ADB) and Fitch Ratings have estimated India’s growth at seven per cent, IMF, S&P Global Ratings and Morgan Stanley projected a 6.8 per cent growth rate for FY25.