India Economic Forecasts

Published monthly, Asia Pacific Consensus Forecasts offers a comprehensive outlook for the Indian economy; covering 13 macroeconomic variables over a 2 year forecast horizon. Forecasts are provided by leading economists whose individual views are shown together with the average (mean) forecast. In addition, our analysis includes 4 years of historical data for these same variables as well as written analysis and charts. Furthermore, the publication provides Consensus Forecasts™ for the Indian rupee against the US dollar in 3, 12 and 24 months time.

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India

Nominal GDP for India was ₹236.6tn in 2021, down from ₹197.5tn in 2020. The Indian population was estimated at 1.4bn in 2021 according to the IMF, while the United States is India’s biggest trading partner.

Variables Surveyed for India

Variables covered in our monthly analysis of India include:

Gross Domestic Product
Gross Fixed Investment
Industrial Production
Consumer Prices
Wholesale Prices
Money Supply
Merchandise Exports

Merchandise Imports
Trade Balance
Current Account Balance
Gross Central Govt Fiscal Balance
Interest Rates
Rupee Currency Forecasts

Consensus Forecasts for India

Individual panellist forecasts are shown for each of the variables surveyed, along with the consensus (mean) forecast. The rows of forecasts are ranked by the GDP growth estimate for the current year, highest to lowest. In the hard copy and pdf version of the publication, we also show selected “comparison forecasters” including the Asian Development Bank, IMF and OECD. The table below shows a small example set of forecasts for GDP growth and Consumer Prices (CPI), taken from our survey of September 2022.

Source: Asia Pacific Conensus Forecasts, September 2022

Special Surveys

In addition to the regular surveys for the variables listed above we also undertake a number of Special Surveys for India on topics such as:

Quarterly Forecasts
Long-Term 5 and 10 Year Forecasts
Economic Policy Evaluation
Real Interest Rates and Foreign Direct Investment
Forecast Probabilities
Forecasts of Trade and Current Account Balances

Main Data Sources for India

Ministry of Statistics and Programme Implementation: The Ministry of Statistics and Programme Implementation came into existence as an Independent Ministry on 15.10.1999 after the merger of the Department of Statistics and the Department of Programme Implementatation. This ministry is the nodal agency for the planned and organized development of the statistical system in the country and coordination of statistical activities among different stakeholders in Government of India, State Governments as well as meeting requirements of the International Agencies.
Reserve Bank of India: The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system.

Comprehensive Forecasts Coverage

Consensus Economics has collected forecasts for more than 30 years, building up a comprehensive catalogue of historical forecasts data. Please enquire at editors@consensuseconomics.com should you wish to find out more about these data offerings, pricing and the different platforms by which you can access them.

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