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India's economic reforms will help boost potential growth beyond 6%: Goldman Sachs

Govt policy of absorbing food price shocks and providing counter cyclical stimulus should continue next year with the general election coming up in 2024, the brokerage said.

November 24, 2022 / 02:51 PM IST
Representative image

Representative image

India continuing with economic reforms over the medium term will help boost the potential growth beyond the currently estimated 6 percent, Goldman Sachs said in its 2023 outlook.

“The biggest opportunity for India to spur economic growth and job creation in this decade, is to develop globally competitive manufacturing hubs as the world restructures the supply chains,” the brokerage said.

“However, to really become a manufacturing powerhouse will require a coordinated strategy across all related government departments to truly make it easy for global manufacturing to set up shops in India,” it added.

India’s government is expected to present its budget for the next financial year on February 1 amid expectations that it would continue with reforms  and infrastructure spending to boost medium-term growth.