S&P Global Marketing Report: Indian economy is reaching new heights every day in the last ten years. India remains the fifth largest economy in the world. In the global economy, India is being seen as a trigger of the global economy. In such a situation, S&P Global Marketing has maintained a positive stance in its report regarding the country’s economy.
S&P Global Ratings on Monday increased India’s growth forecast for the current financial year 2023-24 from six percent to 6.4 percent. The US-based agency said strong domestic momentum appears to be overcoming headwinds posed by high food inflation and weak exports, leading to the growth forecast being raised.
S&P Global Ratings, however, has cut the growth forecast for the next financial year 2024-25 to 6.4 per cent as it believes that growth will slow down in the second half (October-March) of the current financial year due to higher base effect and slower global growth. It will be slow. S&P said we have raised our forecast for India’s GDP growth for fiscal 2023-24 (ending March 2024) to 6.4 percent from 6 percent, as strong domestic momentum is offset by higher food inflation and weak exports. Wally seems to be compensating for the obstacles.
S&P Global Ratings said growth is expected to slow in the second half of the fiscal year amid weak global growth, a high base and the delayed impact of rate hikes. As a result, we have reduced our forecast for growth in fiscal year 2025 from 6.9 percent to 6.4 percent. The Indian economy grew by 7.2 percent in the financial year 2022-23 (ending March 31, 2023). India’s GDP grew by 7.8 percent in the April-June quarter.
Earlier on October 25, the institute had claimed in its report that India will become the world’s third largest economy and Asia’s second largest economy by 2030, leaving Japan’s economy far behind. The report states that India is the fifth largest economy in the world and is likely to become the world’s third largest economy by 2030, overtaking Japan with a GDP of US$ 7300 billion.
The growth rate of Asia’s third largest economy was 7.8 percent in the April-June quarter. S&P Global said the near-term economic outlook projects continued rapid expansion through the remainder of 2023 and into 2024, underpinned by strong growth in domestic demand.