Fitch Ratings has raised India’s growth forecast for 2023-24 to 6.3 per cent from 6.0 per cent. The rating agency cited the stronger outturn in Q1 and increasing momentum as reasons for the upgrade. The country’s economy is benefiting from high bank credit growth and infrastructure spending, with more spending expected from the latter. The government push for increased capital expenditure, moderation in commodity prices, and robust credit growth will also support investment and consumer spending. The provisional estimate released by the National Statistical Office shows that real GDP in 2022-23 stood at 7.2 per cent, higher than the earlier projection of 7.0 per cent, with an upward revision in GDP numbers expected. However, the global economic slowdown will affect India’s economy to some degree, and inflation poses risks, but growth is expected to continue.
Fitch boosts India’s 2023-24 growth forecast to 6.3% driven by strong macroeconomic indicators
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