India is reportedly planning to estimate nominal GDP growth for FY24 at around 11%

Due to the potential for weak exports, India is expected to lower its estimated nominal gross domestic product (GDP) growth for the current fiscal year to approximately 11% in the annual Budget due next week, according to two government sources.
According to the sources, who declined to be identified because the conversations are still private, reduced external demand next year as a result of a possible U.S. recession could put pressure on nominal GDP growth, which includes inflation and is the benchmark used to predict tax collections.
For the current fiscal year, which ends on March 31, the administration forecasts nominal growth of 15.4%.

This news was written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.


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