India will become the third largest economy by FY28, two years earlier than projected, said SBI Research economists in a note. SBI economists said India will likely grow 8.1% in the first quarter of FY24, pushing the overall growth rate to 6.5%. India recorded a 13.5% growth in the first quarter of FY23. The forecast aligns with RBI projections of 6.5% growth in FY24 but is more optimistic than the International Monetary Fund’s revised forecast of 6.1%. Earlier this week, the IMF revised its growth forecast upwards by 0.2 percentage points on the back of strong domestic investment.
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