India Watch Daily

India’s growth estimate for 2024 is increased by Moody’s to 6.8% from 6.1%

<p>India’s GDP prediction for the current calendar year was upgraded by global rating agency Moody’s to 6.8% from previous 6.1% due to “stronger-than-expected” economic statistics for 2023 and waning headwinds in the global economy.</p>
<p><img loading=”lazy” decoding=”async” class=”alignnone wp-image-472445″ src=”×500.jpg” alt=”” width=”888″ height=”593″ srcset=”×500.jpg 750w,×683.jpg 1024w,×512.jpg 768w, 1200w” sizes=”(max-width: 888px) 100vw, 888px” /></p>
<p>According to Moody’s, the government’s capital expenditure program and the solid manufacturing sector have both significantly boosted 2023’s growth prospects.</p>
<p>It also said that the Indian economy should be able to easily record real GDP growth of 6-7 percent as global headwinds lessen.</p>
<p>India’s economy has done well, and we have raised our growth projection for 2024 to 6.8% from 6.1% due to better-than-expected statistics in 2023. Over our prediction horizon, India is anticipated to continue to develop at the highest rate among the G-20 countries, according to Moody’s Global Macroeconomic Outlook for 2024.</p>
<p>High-frequency indicators, according to Moody’s, indicate that the economy maintained its robust pace from the September and December quarters into the March quarter of 2024.</p>
<p>Strong collections of goods and services taxes, increasing car sales, consumer confidence, and double-digit credit growth indicate that demand for urban spending is still strong. Growing manufacturing and services PMIs contribute to the evidence of strong economic momentum on the supply side, according to Moody’s.</p>
<p>Remarkably, in the fourth quarter of 2023, India’s real GDP grew 8.4% year over year, translating into a 7.7% gain for the whole year.</p>
<p>Strong growth in the manufacturing, construction, and public administration sectors all contributed to the increase in GDP growth.</p>
<p>The National Statistical Office (NSO) has published a research stating that the GDP at constant prices from 2011–12 is expected to reach Rs 43.72 lakh crore in Q3 of 2023–24, up from Rs 40.35 lakh crore in Q3 of 2022–23, indicating an 8.4% growth rate. GDP is predicted to have grown by 10.1% to Rs 75.49 lakh crore in Q3 of 2023–24 at current prices, from ₹68.58 lakh crore in Q3 of 2022–23.</p>
<p>The building sector’s double-digit growth rate of 10.7% and the manufacturing sector’s strong growth rate of 8.5% have contributed to the GDP growth in FY 2023–2024.</p>
<p>After the general election, Moody’s said, “We expect policy continuity and continued focus on infrastructure development.”</p>
<p>Although private industrial capital investment has been sluggish to increase, the agency said that investors’ reaction to the government’s Production Linked Incentive plan, which aims to support important targeted manufacturing sectors, and the continued advantages of supply chain diversification should cause it to increase.</p>
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