India GDP: At present, many countries of the world are either struggling with the possibility of economic recession or are feeling its signs. The financial situation in some European countries is bad and apart from this, America’s shutdown crisis has become a topic of discussion. Even in Asia, China’s economic situation is in flux. In such a situation, such news has come for India which can prove to be an opportunity for relief on the economic front.
S&P Global Ratings gave estimates for India’s GDP
America’s global rating agency S&P Global Ratings has maintained India’s growth rate estimate at 6 percent for the current financial year. S&P has maintained its estimate at 6 percent citing the slowing global economy, the risk of a below-normal monsoon and the pending effect of interest rate hike.
S&P, while maintaining its GDP forecast for the financial year 2023-24 at 6 percent, said that the Indian economy will achieve growth speed of 6.9 percent in the financial years 2024-25 and 2025-26. < /p>
S&P said that along with India’s consumption growth in the June quarter, capital expenditure has also remained strong, which is an indication that consumption in the country is returning to its previous level and will continue to grow beyond that. Is.
What S&P said in the Economic Outlook for Asia Pacific report
S&P said in the ‘Economic Outlook for Asia Pacific Quarter-4 2023’ report that the growth rate this year will be weaker than in 2022, but our outlook remains broadly favorable. Therefore, despite strong expansion in India in the June quarter, we maintain our forecast for FY2024 ending March 2024, given the slowing global economy, the pending impact of rate hikes and the increased risk of an abnormal monsoon. p>
Rise in crude oil prices raised its retail inflation estimate
However, S&P has considered the recent increase in vegetable prices as temporary. However, the rating agency has increased the estimate of retail inflation rate from earlier 5 percent to 5.5 percent on higher crude oil prices. On the growth rate in the Asia Pacific region, S&P said that it is a "multi-speed" The sector remains and for this the agency has slightly increased its estimate to 3.9 percent.
Keep in mind that the Indian economy had grown at the rate of 7.2 percent in the financial year 2022-23 ending March 2023.
Moody’s Investors Service had also increased India’s growth forecast
Global rating agency Moody’s has recently increased India’s economic growth forecast for the year 2023. Moody’s Investors Service said about India in its Global Macro Outlook that India’s economic growth rate (GDP) is going to be 6.7 percent in the year 2023. Earlier, Moody’s had said that India’s economic growth rate will be 5.5 percent in 2023.
IMF had also increased the estimate of India’s economic growth rate
On July 22, 2023, the International Monetary Fund had increased India’s GDP estimates for the financial year 2023-24. IMF had said that India’s GDP is estimated to be 6.1 percent in the current financial year. Earlier, IMF had estimated the growth rate to be 5.9 percent.
Fitch had also predicted a rise in India’s GDP rate.
International rating agency Fitch Ratings has increased India’s growth rate estimates for the 2023-24 financial year. 3 months ago i.e. in June 2023, Fitch said that the Indian economy will grow at the rate of 6.3 percent in the current financial year. Earlier, Fitch had estimated it to be 6 percent.
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