India's festival season to bring some cheer to economy, say economists - Reuters Poll
© Reuters. FILE PHOTO: People shop at a crowded market ahead of Diwali, the Hindu festival of lights, in the old quarters of Delhi, India, October 11, 2022. REUTERS/Anushree Fadnavis/File photoBENGALURU - Indian consumer spending during this year's festival season will be slightly better than in 2022, said economists polled by Reuters, but probably not enough to ramp up the speed of what is already the world's fastest-growing major economy.
While consumer spending in the current quarter was predicted to provide some lift to the economy, the overall growth outlook for the year has remained largely unchanged. The RBI's bulletin early this year said India needs to grow 7.6% annually for the next 25 years to become a developed nation. No economist in the poll expects India to grow at that rate this year or next.
When asked what was India's potential economic growth rate over the next 2-3 years, economists returned a median range of 6.0%-7.0%.
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