NEW DELHI: Global ratings agency S&P on Monday raised India’s GDP growth projection for 2023-24 to 6.4% from the previous 6%, citing robust domestic demand.
“We have revised up our projection for India’s GDP growth for fiscal 2024 (ending in March 2024) to 6.4%, from 6%, as robust domestic momentum seems to have offset headwinds from high food inflation and weak exports,” S&P Global Ratings said in its economic outlook for Asia-Pacific.
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“Still, we expect growth to slow in the second half of the fiscal year amid subdued global growth, a higher base, and the lagged impact of rate hikes. As a result, we have lowered our outlook for growth in fiscal 2025 to 6.4%, from 6.9%,” said the agency.
Several agencies have raised India’s GDP growth forecasts in recent months.
“We have revised up our projection for India’s GDP growth for fiscal 2024 (ending in March 2024) to 6.4%, from 6%, as robust domestic momentum seems to have offset headwinds from high food inflation and weak exports,” S&P Global Ratings said in its economic outlook for Asia-Pacific.
Read story from ET
“Still, we expect growth to slow in the second half of the fiscal year amid subdued global growth, a higher base, and the lagged impact of rate hikes. As a result, we have lowered our outlook for growth in fiscal 2025 to 6.4%, from 6.9%,” said the agency.
Several agencies have raised India’s GDP growth forecasts in recent months.
