S&P retains FY24 India growth projection at 6%, to be fastest growing in Asia Pacific, The GDP growth forecast for the current and the next fiscal has been kept unchanged from the forecast made in March partly on account of domestic resilience
Economy Business
US-based global ratings agency S&P Global Ratings has retained India's growth forecast in the financial year 2023-24 at 6%. Notwithstanding the strong expansion in India in the June quarter, the S&P, in its Economic Outlook for Asia Pacific Q4 2023 report, says it has maintained its forecast for FY24 (ending March 2024), citing the slowing world economy, the delayed effect of rate hikes, and the rising risk of subnormal monsoons. S&P's latest real GDP forecast shows India's economy growing at 6.9% in FY25 and FY26, respectively. The growth estimates for India are lower than the government and the RBI's forecast of 6.5% growth in FY24. India’s economy grew at 7.8% in the April-June quarter of 2023-24. The government has attributed strong “domestic demand for consumption and investment” driving the GDP growth
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