S&P retained India's GDP growth forecast for 2023-24 at six percent

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Mumbai: Rating agency S&P Global Ratings has kept India's economic growth forecast unchanged at 6 percent for the next financial year starting April 1. The agency expects it to increase to 6.9 percent in the next financial years 2024-25 and 2025-26.

In its quarterly economic data update for Asia-Pacific, S&P said the inflation rate will ease from 6.8 percent in the current fiscal year to five percent in 2023-24. At the same time, India's gross domestic product (GDP) is expected to grow at seven per cent in the current financial year (2022-23) but will decline to six per cent in 2023-24.

India's average growth rate will be seven percent in 2024-2026. Subsequently, GDP is projected to grow at 6.9 per cent in 2024-25 and 2025-26, 7.1 per cent for 2026-27.

The rating agency said, 'India's economy has traditionally been driven by domestic demand. However, it has since become more sensitive to the global cycle, partly due to increased exports. In October-December 2022, GDP growth slowed to 4.4 percent year-on-year.

It said, 'India's consumer price index (SRPI)-based inflation should moderate to 5 percent in the fiscal year ending March 2024. The agency said China's economy is on track to recover this year.

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