S&P Global Rating: Credit rating agency S&P Global Ratings has retained its forecast for India’s economic growth at 6 per cent for the next fiscal year starting April 1. The agency also expressed the hope of increasing it to 6.9 per cent in the next financial years 2024-25 and 2025-26.
S&P also gave an estimate on the inflation rate
Updating the quarterly economic information for Asia-Pacific, S&P said the inflation rate will soften from 6.8 per cent in the current fiscal to five per cent in 2023-24. At the same time, India’s Gross Domestic Product (GDP) will grow at the rate of seven per cent in the current financial year (2022-23) but it will come down to six per cent in 2023-24.
The S&P report said, “India’s average growth rate in 2024-2026 will be seven per cent.” Thereafter, GDP is projected to grow at 6.9 per cent in 2024-25 and 2025-26, rising to 7.1 per cent in 2026-27.
The effect of increase in commodity exports is visible – S&P
The rating agency said, “The economy in India has traditionally been driven by domestic demand. However, of late it has become more sensitive to the global cycle, partly due to increased commodity exports. GDP growth in October-December 2022 Slowed down to 4.4 per cent on an annual basis.
Inflation to come down to 5% by March 2024 – S&P
It said, “Inflation based on the Consumer Price Index (CPI) in India should slow down to 5 per cent in the fiscal year ending March 2024.”
What is S&P’s forecast for China?
S&P Global Ratings maintained a “cautiously positive outlook” for the Asia-Pacific and said China’s economy is on the path of revival this year.
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