Moody’s expressed confidence in India’s economy
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Indian Economy: On one hand, the whole world is troubled by inflation and weakening economy. On the other hand, the whole world is expressing confidence in India’s economy. India is being seen as a market catalyst in the world economy. Meanwhile, there is another good news for the country. Moody’s Ratings (Moody’s) has projected India’s GDP for FY 2023-24 (gross domestic product) The growth rate estimate was increased from 6.6 percent to about eight percent. This estimate has come a day after the statement of RBI Governor Shaktikanta Das. In the statement, he had said that looking at the official GDP figures of the third quarter, the economic growth in the current financial year could be close to eight percent. Moody’s latest estimate is 1.40 percent more than the 6.6 percent estimate given in November 2023.
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India had estimated 8.4
Let us tell you that before this the National Statistics Office (NSO) has estimated 8.4 percent growth in the December quarter of the current financial year. It has also revised the GDP estimates for the first and second quarters to 8.2 percent and 8.1 percent respectively. Whereas earlier it was said to be 7.8 percent and 7.6 percent. Moody’s said in a report that we expect India to be the fastest growing economy among the G-20 countries. Its real GDP growth will be around eight percent in the financial year ending March 2024, which was seven percent in the financial year 2022-23.
Will benefit from the arrival of foreign companies
According to the report, strong domestic consumption coupled with government capital expenditure will drive India’s economic growth. Additionally, India is poised to benefit from global trade and investment opportunities arising from the strategies of companies setting up locations outside China. Regarding inflation, it has been said that we estimate that India’s inflation will come down to 5.5 percent in 2023-24. Whereas in 2022-23 it was 6.7 percent. In the coming time, due to reduction in inflation, there will be softening at the level of monetary policy.
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