S&P increased India’s GDP estimate for financial year 2024-25 to 6.8 percent. Loktej Business News
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New Delhi, March 26 (Hindustan Reporter) S&P Global Ratings has raised India’s economic growth forecast by 40 basis points to 6.80 percent for the next financial year 2024-25. In November last year, the rating agency had estimated the gross domestic product (GDP) for the coming financial year to be 6.40 percent.
Global Ratings Standard & Poor’s (S&P) said in its ‘Economic Outlook’ for Asia Pacific released on Tuesday that India’s economy will grow at 6.8 percent in the financial year 2024-25. In November last year, the rating agency had estimated India’s GDP growth to be 6.4 percent. However, this is lower than the estimated growth rate of 7.6 percent for the current financial year 2023-24.
The rating agency said in its ‘Economic Outlook’ that we anticipate strong growth for Asian emerging market (EM) economies. Among these, India, Indonesia, Philippines and Vietnam are leading. The agency has identified restrictive interest rates as an obstacle to economic growth. S&P expects India’s real GDP growth rate to be 6.8 percent in the upcoming financial year 2024-25 ending March 31, 2025. The agency has maintained India’s GDP growth forecast at 5-5 percent for financial years 2025-26 and 2026-27.
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