New Delhi/Chennai

The Indian economy is likely to grow at a rate of 7 per cent in the current fiscal, against the 8.7 per cent growth in 2021-22, the National Statistical Office (NSO) said on Friday.

Responding to NSO's forecast, economists are of the view that the GDP growth to moderate to 6 - 6.1 per cent in FY24.

In December 2022, the RBI had scaled down GDP growth forecast to 6.8 per cent for the current fiscal from the earlier estimate of 7 per cent, mainly due to prevailing geopolitical tensions and global tightening.

Credit rating agency CRISIL projects real GDP growth to slow to 6 per cent next fiscal, with risks tilted to the downside.

According to CRISIL, a deceleration is largely anticipated in the second half of the current year due to base effect as well as adverse impact of slowing global growth.

Recovery in household consumption and catch-up in contact-based services is expected to support growth this fiscal.

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The slowdown is expected to intensify next year, as global growth falls further.