There is good news for the country’s economy. The world’s biggest rating agency has expressed confidence in India. According to the rating agency, India’s growth estimate has been increased from 6 percent to 6.40 percent. S&P, the world’s largest rating agency and economy assessment agency, has increased India’s economy growth rate. For the financial year 2023-24, S&P has increased the GDP growth estimate from 6 percent to 6.40 percent.
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Why did S&P increase growth estimates?
Rating agency S&P has shown signs of improvement in India’s economy in its latest report. S&P said that the country’s economy is getting strong support at the domestic level. In such a situation, even inflation and weak exports will not be able to weaken the growth rate of the economy and there will be a tremendous jump in India’s economic growth.
According to S&P data, there is pressure on India’s economy in the next financial year. Because the signal at the global level is very weak. The effect of increase in interest rates will also be visible. That is why businessmen are reducing the growth rate of India’s economy i.e. GDP growth estimate for the year 2024-25 from 6.9 percent to 6.4 percent.
Fitch also increased economic growth estimates
Apart from S&P, Fitch Ratings also released the report in the beginning of November. In which it was told that India’s GDP estimate for the medium term has been increased by 0.7 percent to 6.2 percent, while the estimate of 10 emerging markets has been reduced to 4 percent. Fitch Ratings has blamed China for this.
The Global Rating Agency has said in its report that we have upgraded on a large scale in India and Mexico. India’s growth estimate has been increased from 5.5 percent to 6.2 percent and Mexico’s growth estimate has been increased from 1.4 percent to 2 percent.
