S&P raised India's economic growth forecast for the current financial year

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- Supporting growth through strong economic activity at home

Mumbai: S&P Global has raised India's economic growth forecast for the current financial year to 6.40 percent. Which was previously set at 6 percent. The estimate for FY2025 has been reduced by 50 basis points to 6.40 percent.

As a result of strong economic activity at home, the negative effects of high inflation and weak exports have been mitigated, India's economic growth forecast for the current financial year has been raised to 6.40 per cent from 6 per cent, S&P said in a report.

Considering the impact of weak global growth and high interest rates in the last six months of the current financial year, the estimate for the next financial year i.e. financial year 2025 has been reduced from 6.90 percent to 6.40 percent. The GDP estimate for FY 2026 has been maintained at 6.90 percent.

India's inflation is expected to be 5.50 percent in the current financial year i.e. financial year 2024, which is moderately lower than the maximum limit of the Reserve Bank's target of 6 percent. Inflation is expected to decline to 4.50 percent in FY 2025.

India's retail inflation rose to 7.40 percent in July this year due to higher food prices. However, there has been a decline since then.

The report also predicts healthy growth in the Asia-Pacific region in the current year.

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