Indian economy to grow by 6.8% in 2024-25: S&P Global
Economy
4 min read
S&P Global, in its "Economic Outlook Asia-Pacific Q2 2024: APAC Bides Its Time On Monetary Policy Easing" report released on 26 March 2024, raised India's gross domestic product (GDP) growth forecast for 2024-25 (FY25) to 6.8 per cent. Earlier, it had forecasted a growth rate of 6.4 per cent for the Indian economy. The latest forecast increased the Indian GDP growth rate by 40 basis points. Statistically, 1% is equal to 100 basis points.
The National Statistical Office (NSO) expects the Indian economy to grow by 7.6% in 2023-24.
The Reserve Bank of India expects the economy to grow by 8% in 2023-24.
Highlights of the S&P Global Report
The following are the main highlights of the S&P Global Report for March 2024.
- The Indian economy is expected to grow by 7.4% in 2023-24.
- The Indian economy is expected to grow by 7% in 2025-26 and in 2026-27.
- China’s GDP growth will likely slow to 4.6 per cent in FY25 and 5.2 per cent in FY24.
- The report forecasts robust growth in Asian emerging market economies, with India, Indonesia, the Philippines, and Vietnam leading the way.
- Growth will increase in trade-dependent Asia Pacific countries such as South Korea, Taiwan, and Singapore and fall in relatively domestic demand-led countries such as Japan and Australia.
S&P Global
S&P Global, which was earlier known as Standard and Poor, is the world's largest credit rating agency. The American company publishes financial market analyses regarding companies' countries and provides credit ratings of companies and countries.
Standard & Poor’s came into being in 1941. It was rebranded as S&P Global in 2016 after McGraw Companies acquired it.
Headquarters: New York, USA
Expected Growth Rate of the Indian Economy in 2023-24/2024-25
Following are the forecasts of various global and Indian financial agencies (as of 28 March 2024)
|
Agency / Organisation |
GDP growth forecast for 2023-24 |
GDP forecast for 2024-25 |
GDP forecast for 2025-26 |
|
Reserve Bank of India |
8% |
7% |
|
|
World Bank |
6.3% |
6.4% |
6.5% |
|
International Monetary Fund |
6.7% |
6.5% |
6.5% |
|
Asian Development Bank |
6.7% |
6.7% |
6.7% |
|
Moody's |
6.8%(January to December 2024) |
6.4% (January to December 2025) |
- |
|
Morgan Stanley |
7.9% |
6.8% |
- |
|
S&P Global |
7.4% |
6.8% |
7% |
|
United Nations |
6.2%(January to December 2024) |
6.6(January to December2025 ) |
- |
|
OECD |
6.3% |
6.2 % |
6.5% |
|
Fitch Rating |
7.8% |
7.0% |
- |
|
CRISIL |
7.6% |
6.8% |
- |
