Moody's upgrades India's 2024 GDP growth forecast to 6.8%
NEW DELHI : Rating agency Moody's on Monday raised its forecast for India's GDP growth in 2024, reflecting both global and domestic optimism in the country's economy on the back of robust manufacturing activity and infrastructure spending.
"India’s economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8% from 6.1%," the rating agency said in its Global Macro Outlook 2024-25.
"India is likely to remain the fastest-growing among G-20 economies over our forecast horizon," it added.
The Indian economy soared ahead in the December quarter (the third quarter of FY24) with a surprise growth of 8.4%, belying fears of tempering as the manufacturing, electricity and construction sectors put up a robust show.
