India GDP Growth May Exceed 7% in Q3 as Festive Demand and Exports Strengthen

Experts are saying that with the increasing financial pressure in the US and the diminishing likelihood of further Federal Reserve rate hikes, investors will return to India. Pressure on the dollar is also increasing, which will also strengthen the Indian market. The Sensex has gained more than 5,000 points in five days.

The Confederation of All India Traders has estimated sales of various goods worth Rs 7 lakh crore across the country during the festive season starting in October.

It is believed that sales worth Rs 1.5 lakh crore have been made on online platforms from Dussehra to Diwali. Jobs amounting to more than 5 million have also been created due to this. Sales of cars are making new records. Maruti Suzuki expects to sell more than 70,000 cars from Dhanteras till November 14th. There is already double digit growth in automobile sales.

Bookings of real estate are also expected to grow by seven to eight percent. With the festive season sales and high domestic demand, economic experts are now estimating growth up to 7.5 percent for the current financial year.

ASSOCHAM Chief Economist S.P. Sharma says, "Along with the strength in domestic sales, exports and industrial production are also picking up. Growth will remain above 7 percent in the third quarter, and there is scope to achieve a growth rate of more than 7.7 percent for the entire financial year."

Experts say that if the environment in West Asia remains calm and crude oil prices remain below $100, Indian growth will exceed global estimates.