Wednesday, February 28th, 2024

Good for India: Fitch Ratings increases India’s GDP estimate, it will be beneficial

Photo: PTI fitch rating

Indian economy Good news for Global agency Fitch Ratings on Thursday raised India’s economic growth forecast to 6.3 per cent from 6 per cent for the current fiscal year 2023-24. Let us tell you that the Indian economy is growing at the fastest pace in the whole world. Now all the rating agencies have started accepting this fact. Fitch has also made this change only after seeing India’s fast growth rate. The GDP of the Indian economy was better than expected in the fourth quarter of last year. GDP growth in the fourth quarter was 6.1%. Fitch forecasts growth for FY23 at 7.2%. The Indian economy had grown at a rate of 9.1 per cent in FY22.

Indian economy is very strong

The rating agency said on Thursday, “The Indian economy is broadly strong. In the first quarter (January-March) of 2023, it grew at an annual rate of 6.1 percent. Vehicle sales figures have been better in recent months. In addition, the PMI survey and credit growth have also been strong. Due to this, we have increased the growth rate forecast by 0.3 percent to 6.3 percent for the current financial year. Earlier in March, Fitch had revised India’s growth forecast for 2023-24 in view of high inflation and high interest rates and weak global demand. The rate estimate was reduced from 6.2 to 6 percent.

Estimated growth rate to be 6.5% in 2025-26

Fitch said that the growth rate of the Indian economy is estimated to be 6.5 percent in 2024-25 and 2025-26. The rating agency said that the GDP growth rate in the January-March quarter has been higher than expected. Apart from this, the condition of the manufacturing sector has also improved after two quarters of decline. From the expenditure side, GDP growth will be supported by domestic demand.

These benefits will be available when the speed of GDP is fast

Economists say that the demand in the market will increase as India’s GDP increases. Companies will increase production to meet the demand. For this they will need manpower. That means there will be an increase in the number of nine curries in the market. Youth will get jobs in large numbers. With this, foreign investors will be attracted to invest in the Indian market.

Latest Business News

Whatsapp GroupJoin
Telegram channelJoin

Which battery is better for your car? Here is the answer to every question related to battery

Photo: File batteries What are the different types of car batteries and what are their specifications? It is important to understand this. This is because the battery plays an important role in any vehicle...

Tata-Mahindra’s frozen ground is slipping from the feet of Maruti-Hyundai, know how the maths of the auto industry is changing

Photo: File Maruti Suzuki The market leaders in India’s automobile industry, Maruti and Hyundai, are beginning to crack under their feet. At the same time, apart from indigenous companies like Tata and Mahindra, Kia...

Nepal will now export this item after tomatoes, Prachanda government is preparing for talks with India

Photo:FILE Nepal Hydropower Tomatoes are being imported from Nepal to contain the prices of tomatoes in India. Due to this, it has helped in stopping the rising tomato prices in the country. Now Nepal...