New Delhi:
India's economy will maintain quarter-on-quarter growth momentum after beating expectations in July-September, and inflation is on the decline despite temporary food shocks, the government said in its monthly economic report on Friday.
India's economy grew faster than expected in July-September, raising expectations that Asia's third-largest economy will outperform its own estimates for the full year.
“The risks to growth and stability prospects mainly come from outside the country. Nevertheless, the Indian economy is expected to comfortably achieve a growth rate of over 6.5 percent in FY24,” the government said in its report.
“The momentum gained in the second quarter of FY24 is likely to continue in the third quarter as well,” the report said.
Retail inflation rose at the fastest pace in three months in November on higher food prices, but core inflation – which excludes volatile food and energy prices – was the lowest in almost four years at 4.1%.
Consumption demand growth is expected to continue, while rural demand is catching up, the government said.
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