Moody’s estimates India’s GDP to be 6.1 percent in 2024. Loktej Business News
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New Delhi, April 12 (HS). Global rating agency Moody’s has predicted that India’s economy will grow at a slower pace in the calendar year 2024 compared to last year. The rating agency has estimated the gross domestic product (GDP) growth rate to be 6.1 percent in 2024. India’s real GDP estimate for the financial year 2023-24 has been revised to 8 percent.
Moody’s Analytics said in a report titled ‘APAC Outlook: Listening through the Noise’ released on Friday that the economies of South and Southeast Asia will see the strongest output gains this year but their performance will be hampered by the delayed recovery from the global pandemic. has influenced. The agency expects India’s GDP to grow by 6.1 percent in 2024 compared to last year.
The rating agency has maintained a stable outlook for the Government of India. In the report issued by the agency, the long-term and short-term ratings of the Government of India have been pegged at Baa3 and P-3 respectively. The stable outlook includes the possibility that India’s fiscal metrics will continue to grow at a slower pace than strong growth compared to close peers.
It is noteworthy that India’s GDP grew at the rate of 8.4 percent in the October-December quarter of the financial year 2023-24. With this the country remained the fastest growing major economy. The growth rate of the Indian economy has been 7.8 percent and 7.6 percent in the last two quarters April-June and July-September respectively. Before this, India’s economy had grown at the rate of 7.2 percent in the previous financial year 2022-23 and 8.7 percent in the financial year 2021-22 respectively. The Reserve Bank has estimated the economic growth rate to be 7 percent in the current financial year 2024-25.
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