S&P Global Ratings on Wednesday revised its rating outlook on India to positive from stable, and added that it expects continuity in economic reforms and fiscal policies regardless of the Lok Sabha election outcome.
After a stellar rally over the past few weeks, markets faced some resistance over the past couple of sessions. At Tuesday opening bell, indices Sensex and Nifty traded marginally higher with a downside bias.
The Indian economy closed the just-concluded financial year 2023-24 strongly with its growth surpassing market expectations, despite strong external headwinds, the monthly economic review of the Department of Economic Affairs under the Ministry of Finance said.
Former CEO NITI Aayog Amitabh Kant emphasized the nation's transformative journey from being part of the "fragile 5" economies to emerging as a global leader in infrastructure development.
The United Nations upwardly raised India's economic growth projections for 2024 from 6.2 per cent to 6.9 per cent mainly driven by strong public investment and resilient private consumption, joining IMF that recently upped the country's growth forecast.
The Indian economy is expected to grow at 6.6 per cent in the current financial year 2024-25, fuelled by strong credit demand that will support the NBFC sector's profitability, Moody's Ratings said.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025.
India's GDP is projected to grow at 7.8 per cent in the just-concluded financial year 2023-24 and forecast is of around 6.6 per cent in each of the following two fiscal years, according to OECD's latest Economic Outlook. However, global near-term developments pose obstacles to higher growth.
To achieve its developmental goals over the next three decades, the Indian economy must grow at a rate of 8-10 per annum over the next decade to reap the demographic dividend that started accruing from 2018 and, as calculations show, will last till 2055, according to an article in the Reserv
Krishnamurthy V Subramaniam, the Executive Director of the International Monetary Fund (IMF), predicted that India will have 8 per cent growth in the fourth quarter and called it "good" growth considering the current global economic situation.
The International Monetary Fund (IMF) in its latest outlook raised India's growth projections for 2024 from 6.5 per cent to 6.8 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies.