Mumbai: International rating agency, Moody’s Investors Service revised India’s GDP growth forecast. As per ‘APAC Outlook: Listening Through the Noise’ released by the agency, India’s economy may grow 6.1% in 2024, lower than 7.7% in 2023.
‘Economies in South and Southeast Asia will see some of the strongest output gains this year, but their performance is flattered by a delayed post-pandemic rebound. We expect India’s GDP to grow 6.1 per cent in 2024 after 7.7 per cent last year,’ Moody’s Analytics said.
According to the report, the APAC (Asia Pacific) economy will grow 3.8 per cent this year, which compares with a growth of 2.5 per cent for the world economy.
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Meanwhile, the Asian Development Bank (ADB) revised India’s GDP growth forecast for the current fiscal. ADB raised India’s GDP growth forecast to 7 per cent, from 6.7 per cent earlier. In its April edition of the Asian Development Outlook, ADB said India would remain ‘a major growth engine’ in the Asia and Pacific region. For the 2025-26 fiscal, ADB has projected India’s growth at 7.2 per cent.The growth estimates for the current fiscal is lower than 7.6 per cent estimated GDP expansion in 2022-23 fiscal. ADB in December last year projected the Indian economy to expand by 6.7 per cent in the 2024-25 fiscal.
‘The economy grew robustly in fiscal 2023 with strong momentum in manufacturing and services. It will continue to grow rapidly over the forecast horizon. Growth will be driven primarily by robust investment demand and improving consumption demand. Inflation will continue its downward trend in tandem with global trends,’ said the Asian Development Outlook.
‘Notwithstanding global headwinds, India remains the fastest growing major economy on the strength of its strong domestic demand and supportive policies,’ said ADB Country Director for India Mio Oka.
ADB’s growth forecast for the current fiscal is in line with the projections made by the Reserve Bank of India (RBI). The RBI last week had said GDP growth in the current fiscal is projected at 7 per cent on expectations of normal monsoon, moderating inflationary pressures and sustained momentum in manufacturing and services sectors.
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