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India has become the world's fastest growing economy and all global agencies from the International Monetary Fund and the World Bank have relied on its pace. Meanwhile, rating agency Moody's has also joined this list and has raised its GDP growth forecast for India. Moody's said that India will grow at a rapid rate of 7.1 trillion in calendar year 2024.
This foreign organization also had faith in India
Along with the IMF-World Bank, global rating agency S&P also has confidence in India. The agency has kept India's growth forecast for the current financial year 2024-25 unchanged at 6.8 percent and has also forecast a cut in repo rates in India after the US policy rate cut. S&P said that the Reserve Bank of India may initiate a cut in interest rates in the MPC meeting in October.
Also trust the World Bank and IMF
Not only Moody's but World Bank, IMF and other global agencies also have faith in the Indian economy and all have raised the country's GDP growth forecast. Meanwhile, the World Bank has raised India's growth forecast for the financial year from 6.6 percent to seven percent, citing government spending on infrastructure, increased domestic investment in real estate and good monsoon. At the same time, the International Monetary Fund has raised the GDP growth forecast for the current financial year by 20 basis points to seven percent.
Such a statement from the agency regarding inflation
Moody's has also mentioned the inflation rate in India in its new report. Moody's has raised its forecast for the country's economic growth by 30 basis points, while reducing India's inflation forecast to 4.7 percent from the earlier five percent. Importantly, retail inflation in India remained below the RBI's target range of four percent in July and August and according to the rating agency, the inflation rate in India is now projected to be 4.5 percent and 4.1 percent in 2025-26.
This prediction was made earlier as well
Moody's has revised India's GDP growth forecast to 7.1 percent. Earlier, the rating agency had projected 6.8 percent. Also, in its new Asia-Pacific outlook, the global credit rating agency has kept the country's growth forecast for FY 2024-25 unchanged at 6.5 percent, while the Indian economy is expected to grow at 6.6 percent in FY 2025. -26 is projected to go up.