New Delhi: International rating agency based in New York, Moody’s Investors Service raised India’s GDP growth projections for the financial year 2024. The agency hiked the GDP growth forecast to 7.2 percent from a previous estimate of 6.8 percent and 6.6 percent in 2025 from 6.4 percent.
In July, Moody’s kept India’s economic growth forecast for calendar year 2024 unchanged at 6.8%, while predicting a 6.5% growth for 2025.
‘The (Indian) economy expanded 7.8% year-over-year in the first quarter of 2024 despite the persistence of tight monetary policy and demonstrated progress on fiscal consolidation. Both the industrial and services sectors have recorded strong performances, with the services PMI in particular remaining above 60 since the beginning of the year,’ Moody’s said in a report titled ‘Global Macro Outlook 2024-25 (August 2024 Update).’
The Indian economy expanded 7.8 percent in the first quarter of 2024. Numbers for the April-June quarter will be available on August 30. India’s GDP expanded 8.2% in FY24, at a faster pace than the 7% reported in FY23, according to estimates released by the National Statistical Office (NSO).
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The International Monetary Fund upgraded India’s GDP growth in the ongoing fiscal (FY25) by 20 basis points to 7% in July. The World Bank in June upwardly revised the country’s growth forecast for the current financial year by 20 basis points to 6.6%.
The HSBC final India Manufacturing PMI, compiled by S&P Global, stood at 58.1 in July, after clocking 58.3 in June, 57.5 in May, and 58.8 in April.
The HSBC India Services PMI stood at 60.3 in July and 60.5 in June. The index had reached a six-month high of 61.8 in January. The Services PMI reading has remained above the 50 mark, which separates expansion from contraction, for 35 consecutive months.Meanwhile, retail inflation based on the Consumer Price Index (CPI) was 3.54% in July, the lowest in 59 months, according to the latest data from the Ministry of Statistics and Programme Implementation.
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