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In a development signaling confidence in India's economic trajectory, Moody's, the global credit rating agency, has revised its GDP forecast for the country upwards to 6.8 per cent for the year 2024.
The optimistic outlook comes as India is poised to maintain its position as the fastest-growing economy among G20 nations, fueled by robust growth prospects and policy continuity. The revised GDP estimate reflects an upward revision from Moody's earlier projection of 6.1 per cent, indicating a more favorable outlook for India's economic performance in the coming years. Moody's anticipates that India's GDP growth momentum will continue into 2025, with a forecasted growth rate of 6.4 per cent. According to the brokerage radar issued by Moody's, several factors contribute to India's favorable economic prospects. The country's strong growth trajectory, coupled with firm inflation, has positioned it as a key driver of growth within the G20 group of nations. Moody's expects the Reserve Bank of India (RBI) to maintain its policy rate on hold in the coming months, further supporting economic stability and growth momentum. With India's economy gaining momentum, policymakers are expected to prioritize policy continuity and infrastructure development initiatives, particularly in the aftermath of the general elections. The anticipated infrastructural push aligns with the government's vision of fostering sustainable economic growth and addressing critical infrastructure gaps across various sectors. The upward revision of India's GDP forecast by Moody's underscores growing investor confidence and optimism surrounding the country's economic prospects. It reflects a positive sentiment among international stakeholders regarding India's ability to navigate challenges and capitalize on opportunities for sustained growth and development. Moody's outlook reaffirms India's status as a promising investment destination and underscores the country's resilience amidst global economic uncertainties. As India continues its journey towards economic recovery and transformation, stakeholders remain optimistic about the nation's potential to emerge as a global economic powerhouse in the years ahead. (ANI)
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