November 28, 2023
1 min read

S&P Upgrades India’s GDP Outlook

S&P’s higher projection for the current financial year (2023-24) is in line with other agencies, but still lower than the government and Reserve Bank of India projection of 6.5 per cent…reports Asian Lite News

S&P Ratings has raised its forecast for India’s GDP growth during the current financial year to 6.4 per cent from the earlier 6 per cent.

“We have revised upwards our projection for this fiscal as robust domestic momentum seems to have offset headwinds from high food inflation and weak exports,” S&P Global Ratings chief economist for Asia-Pacific Louis Kuijs said in a research note on the outlook for the region.

However, the rating agency has lowered its outlook for growth in the next financial year (2024-25) to 6.4 per cent from 6.9 per cent earlier, taking into account a higher base impact and subdued global growth.

S&P’s higher projection for the current financial year (2023-24) is in line with other agencies, but still lower than the government and Reserve Bank of India projection of 6.5 per cent.

The IMF, World Bank, ADB and Fitch expect India’s GDP to expand 6.3 per cent in the current fiscal.

The Indian economy grew 7.2 per cent in the 2022-23 financial year and 7.8 per cent in the April-June quarter.

The second quarter GDP data will be released later this week.

Economists expect the GDP growth to slow down in July-Sept quarter due to the erratic monsoon this year.

On inflation, S&P said the surge during the second quarter is unlikely to have an impact on overall inflation.

“Still, headline inflation remains above the RBI’s target of 4 per cent, suggesting it will be a while before the rate cycle turns,” S&P said.

ALSO READ: Tata Targets Africa

Previous Story

Blinken looks to conclude “durable” peace between Azerbaijan, Armenia

Next Story

AWS Applauds India’s Space Sector Surge

Latest from Business

Canada to lift counter-tariffs on US goods

Canadian Prime Minister Mark Carney has announced that Ottawa will remove its counter-tariffs on US goods covered under the Canada-US-Mexico Agreement (CUSMA), beginning 1 September. The move marks a partial easing of

PM Modi: India poised to lead next tech wave

PM Modi underscored that the country is poised to lead the next wave of digital transformation in 5G…reports Asian Lite News Prime Minister Narendra Modi on Wednesday hailed India’s progress in expanding

India Hits 100GW Solar

The expansion is not only in scale but also in quality, with significant capacity dedicated to high-efficiency modules. Many manufacturers have adopted vertically integrated operations, enhancing quality, reducing costs, and improving resilience

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among younger global consumers, helping Indian jewellers appeal to a wider
Go toTop

Don't Miss

‘2 Down, 1 Last Shot’

England suffered a 97-run thrashing at the hands of India

Swati Maliwal refuses to give up Rajya Sabha seat

Maliwal asserted that she is the youngest women Parliamentarian adding