Fitch said, India’s growth rate is expected to be 7.2 percent in 2024-25.Earlier this rating agency had estimated the growth rate to be only 7 percent. Earlier, RBI had also estimated the same growth rate as Fitch.
New Delhi. The whole world has become a fan of the Indian economy. Recently, the growth rate figures released by the government were above 8 percent, and for the current financial year too, rating agencies around the world are saying that India’s growth rate is the fastest. In comparison, the growth rate of America and Europe is lagging far behind and China’s pace is continuously slowing down. Now global rating agency Fitch Ratings has said on Tuesday that India’s growth rate is expected to be 7.2 percent in the current financial year 2024-25. Earlier this rating agency had estimated a growth rate of only 7 percent.
Fitch has revised its forecast citing improved consumer spending and increased investment.
Fitch has also projected a growth rate of 6.5 percent and 6.2 percent respectively for the financial years 2025-26 and 2026-27. Fitch said in its Global Economic Outlook report, ‘We estimate that the Indian economy will grow strongly by 7.2 percent in the financial year 2024-25. Let us tell you that earlier RBI had also projected the same growth rate as Fitch.
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what did the reserve bank say
The Reserve Bank of India (RBI) earlier this month projected that the Indian economy would grow at 7.2 per cent in the current fiscal year on improved rural demand and softening inflation. The rating agency said investment will continue to grow, but the growth will be slower than in recent quarters, while consumer spending will improve as consumer confidence increases. Purchasing Managers’ Survey data points to continued growth at the start of the current financial year.
Monsoon will create the atmosphere
Fitch Ratings said that the Indian economy will get the support of monsoon. Signs of normal monsoon season in the coming season will boost growth and make inflation less volatile. Although the recent severe heat has posed a risk, it is temporary and will be compensated by a good monsoon. It is worth noting that in the financial year 2023-24, the Indian economy grew at a rate of 8.2 percent.
what is the world’s growth rate
If we look at the growth rate of the world in comparison to India, the global GDP growth is estimated to be 3.1 percent in 2024. During this period, the growth rate of the European Union will be limited to only 1 percent. At the same time, the growth rate of America is estimated to be 2.6 percent in 2024. Talking about neighboring country China, the IMF has predicted a growth rate of 5 percent in 2024. In this regard, the Indian economy is far ahead of other big countries of the world.
Tags: Business news, GDP growth, india gdp, Indian Economy
FIRST PUBLISHED : June 18, 2024, 12:30 IST