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Date: 29/09/2023

Slowing world economy puts India’s GDP growth at 6 pc in FY24: S&P

India’s growth forecast for the current fiscal is at 6 per cent due to the slowing world economy, the rising risk of subnormal monsoons and the delayed effect of a rate hike, said S&P Global Ratings in its Economic Outlook for Asia Pacific Q4 2023 report. The US-based agency sees the recent spike in vegetable price inflation as being temporary, but revised up the full fiscal retail inflation forecast to 5.5 per cent, from 5 per cent earlier, on higher global oil prices. The Indian economy grew 7.2 per cent in the 2022-23 fiscal year which ended in March 2023. While retaining its growth forecast for the current fiscal at 6 per cent, S&P also maintained that India’s economy will grow 6.9 per cent in both the 2024-25 and 2025-26 fiscal years, as per a report.
 
Source: Exim News Service: Singapore, Sept. 28



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