S&P Global Ratings retains India`s GDP growth forecast at 6% for FY24
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S&P Global Ratings has retained India's Gross domestic product (GDP) growth forecast at 6 per cent for FY24 and said it will be the fastest growing economy among Asia Pacific nations. It noted that the GDP growth forecast for the current and the next fiscal has been kept unchanged from the forecast made in March partly on account of domestic resilience.
S&P said in India, under the assumption of normal monsoons, headline consumer inflation is likely to soften to 5 per cent in fiscal 2024 from 6.7 per cent. Softer crude prices and tempering of demand will bring down fuel and core inflation, respectively.
It said ‘the inflation and rate hike cycles have peaked, in our opinion. But we expect the Reserve Bank of India to cut rates only in early 2024, as it wants to see consumer inflation moving to 4 per cent--the centre of its target range’.
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