JP Morgan raised its forecast for India’s annual growth by 50 basis points to 5.5% for fiscal 2024, but warned that a global economic slowdown and tighter financial conditions will still drag the economy.

India records strong 7.2% annual growth, among fastest-expanding major economies

The change comes after India’s economic growth accelerated to 6.1% in the March quarter, government data showed, boosted by government and private capital spending even as private consumption remained sluggish.