Posted 1/13/2024, 5:30:00 PM
BJP State Win Reduces Populist Pressure on 2024 Budget: NITI Aayog's Virmani Forecasts 7% Growth, Sees Mild Global Recession Impact
- Pressure for populist measures in Budget 2024 is reduced after BJP's state election victory, says NITI Aayog's Virmani
- Virmani forecasts 7% GDP growth ±0.5 ppts for FY24; current year's 7% growth exceeds his 6.5% estimate
- Global recession impact on India is mild; export disruption impact is lower due to low export/GDP ratio
- India can attract more FDI by improving ease of doing business as supply chains shift from China
- Interim budget speech may have political messaging but numbers should be status quo, per Virmani