According to the German Brokerage, India’s Real Gross Domestic Product (Real GDP) growth for the October-December 2023 quarter is expected to surpass earlier estimates, reaching an impressive 7%.
Amidst global uncertainties coming from geopolitical tensions and persistent challenges posed by the COVID-19 Pandemic, India’s economy continues to showcase remarkable resilience as indicated by projections from Deutsche Bank.
Growth Prediction based on five high-frequency indicators
Deutsche Bank’s calculations are based on comprehensive research, using a proprietary index of five high-frequency indicators. These indicators include important inputs such as industrial production, exports, non-oil and non-gold imports, bank credit and consumer goods. Furthermore, the broad record with a multiple of around 65 further supports the forecast for 7% growth in the December quarter.
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Despite facing headwinds like the Russia-Ukraine conflict and the lingering impact of the pandemic, the Indian economy showed resilience, with growth outperforming initial expectations Corporate data and an uptick in, especially steady profitability, have contributed to the positive outlook.
GDP of the manufacturing sector, expected to be 7-8%
In addition, the report highlights the expectation of strong growth in the real GDP of the manufacturing sector, expected to be 7-8% in the October-December period. This role builds strength there is an emphasis on the underlying Indian industrial scenario, with factors such as increased productivity, flexible supply chains and proper chains and systems.
Looking ahead, Deutsche Bank intends to revise its growth forecast for fiscal 2023-24 when it officially releases data on February 29. While the current figure is 6.8%, actual performance in the December quarter is expected to affect its volatility.
