S&P keeps India’s economic growth forecast unchanged at 6% for FY24: S&P Global Ratings has maintained its earlier forecast for India’s economic growth rate of 6% in the fiscal year beginning April 1, with an increase to 6.9% the following year. In its latest quarterly economic update for Asia-Pacific, S&P predicted that the inflation rate would decline to 5% during the 2023-24 fiscal year, down from the current financial year’s 6.8%.
March 2023 Current Affairs Quiz
S&P: India’s gross domestic product (GDP) growth:
According to the report, India’s GDP is expected to grow by 7% in the current fiscal year, which ends on March 31, 2023, before slowing to 6% in the following fiscal year, 2023-24. The report also highlighted that India is leading with an average growth rate of 7% during 2024-2026.
S&P: India’s Steady Growth Rate, Exports and more:
The rating agency has projected that GDP will increase to 6.9% in the next two financial years, 2024-25 and 2025-26, with a further rise to 7.1% in 2026-27.
According to the report, India’s economy has traditionally been driven by domestic demand, but has recently become more responsive to the global economic cycle, partly due to increased commodity exports. As a result, the year-on-year GDP growth rate slowed to 4.4% during the fourth quarter (October-December 2022), according to the rating agency.