India has retained its status as the fastest-growing large economy in the world, as real GDP accelerated to 7.8% YoY growth in Apr-Jun’23 (Q1FY24), taking growth in H1CY23 to 7% YoY – well ahead of China’s 5.4% for the period. With services (which constitute about 53% of GDP) growing 10.3% YoY in Q1FY24, and likely to grow more than 8% in FY24 (its average growth in the past 26 years), we expect real GDP to grow over 7% in FY24.