Morgan Stanley on Monday revised upwards its India growth estimate for this year to 7.7 per cent from 7.5 per cent earlier, because of “positive surprises” in the macro data.
According to the global financial services major, the growth recovery is becoming more broad-based, driven by public capex, FDI and consumption.
The upward revision is due to stronger-than-expected GDP numbers for the quarter ended March 2016, and positive incoming macro data, indicating a broadening out of the growth recovery, it added.