Moody’s again expressed confidence in the Indian economy, increasing the rate of growth to 6.7 percent
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Moody’s Investors Service (Moody’s Investors Service) India’s growth rate has increased once again. It is being told that the rating agency Moody’s Investors Service increased India’s growth forecast for the 2023 calendar year to 6.7 percent on Friday due to strong economic momentum. In its ‘Global Macro Outlook’, Moody’s said that stronger services expansion and capital expenditure propelled India’s real GDP growth of 7.8 per cent in the second (April-June) quarter from a year ago. Therefore, we have increased our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent. The rating agency said that the better performance in the second quarter provides a higher base in 2023. We have reduced our 2024 growth forecast from 6.5 percent to 6.1 percent.
India’s Outlook was placed
Earlier in the month of August, Moody’s had made a big announcement regarding India’s rating. Moody’s today retained India’s rating at Baa3 and kept the country’s outlook stable. During this, the institute had clearly said that India’s economy will develop very fast on the basis of international standards. However, the report said that the rate of India’s potential economic growth has decreased in the last seven to ten years.
Moody’s accepts the positivity of the Indian economy
The rating agency said that Moody’s has accepted the positivity of the Indian economy. We are hopeful of a rating upgrade from Moody’s. Moody’s Investors Service has assigned a ‘Baa3’ sovereign credit rating to India with a stable outlook. ‘BAA3’ is the lowest rating in the investible category.
India’s GDP growth in Q1 was 7.8%
Due to better performance of agriculture and service sector, the country’s economic growth rate (GDP) has been 7.8 percent in the first quarter (April-June) of the current financial year 2023-24. This is the highest growth rate in the last four quarters. This information has been received from the official data released on Thursday. With this, India remains the fastest growing country among major economies. China’s GDP growth rate has been 6.3 percent in the April-June quarter. In the same quarter of the last financial year 2022-23, the growth rate of GDP was 13.1 percent. The GDP growth rate was 6.1 percent in the January-March quarter of 2022-23 and 4.5 percent in the October-December quarter.
Despite the deficient monsoon rains, the economic growth rate in the current financial year will be 6.5 percent.
The GDP at current prices stood at Rs 70.67 lakh crore in the first quarter of the current financial year, as against Rs 65.42 lakh crore in the same period a year ago. This is an eight percent increase from 27.7 percent in the first quarter of 2022-23. On the GDP figures of the first quarter, Chief Economic Advisor (CEA) V Ananth Nageswaran said that the economic growth rate in the current financial year will be 6.5 percent despite the deficient monsoon rains. He said that in general economic activities are fast. Therefore, our estimate for the economic growth rate in the current financial year still remains at 6.5 percent.
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