NEW DELHI, Jan 5 Reuters India is likely to project higher economic growth estimates of around 7 for the 202324 fiscal year ending in March, compared with earlier government forecasts when the National Statistical Office releases its first advance GDP estimates on Friday.

An increased estimate of annual gross domestic product is widely expected after the Reserve Bank of India RBI revised its own growth forecast last month to 7 for the current fiscal year, from an earlier estimate of 6.5.

The advance estimates of GDP, which go under six revisions over time, will be released on Friday at 1200 GMT.

The central bank39;s revised growth forecast of 7 for 202324 was a conservative estimate considering robust growth reflected in highfrequency indicators data for October and November, Michael Patra, RBI39;s deputy governor said last month.

Prime Minister Narendra Modi has increased state spending on infrastructure projects to bolster economic growth amid sluggish consumer spending, which, analysts said, is likely to help him win a third term in the national election scheduled before May.

The Indian economy grew faster than expected 7.6 yearonyear in the September quarter, after growing 7.8 in the previous quarter, prompting many private economists to upwardly revise their yearly estimates.

Among others, SP Global Ratings expects India will remain the fastestgrowing major economy for the next three years, setting to become the world39;s thirdlargest economy by 2030.

SP…