New Delhi, 26 June (Hindustan Times). Global rating agency Standard & Poor’s (S&P) has retained India’s gross domestic product (GDP) growth forecast at six per cent for the financial year 2023-24. The agency also said that India’s economic growth rate will be the highest in the Asia Pacific region.
The rating agency said in its quarterly economic review for Asia-Pacific released on Monday that we estimate that the growth rate of India, Vietnam and the Philippines will be around six per cent. The agency said growth projections for the current fiscal year and the next fiscal have been kept unchanged due to the strength of the domestic economy. S&P expects retail inflation to come down to five per cent in the current financial year 2023-24.
The rating agency says that the RBI may cut interest rates as early as next year. S&P said inflation will moderate on the back of a normal monsoon and easing crude oil prices. The agency has reduced China’s growth forecast for the year 2023 from 5.5 percent to 5.2 percent. S&P announced its previous growth rate estimate in March.
It is worth mentioning that this week, global rating agency Fitch Ratings has increased India’s economic growth forecast for the financial year 2023-24 to 6.3 percent, while India’s GDP growth rate in the last financial year 2022-23 has been 7.2.
