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7.2% GDP growth forecasted for 2024
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Moody’s
#New Delhi
Moody’s Ratings on Friday forecast a 7.2% GDP growth for India in 2024, saying the Indian economy is in a sweet spot, but inflation risks may prompt the RBI to retain a relatively tight monetary policy this year.
Moody’s said that despite the near-term uptick, retail inflation should moderate toward the Reserve Bank’s target in the coming months as food prices ease amid higher sowing and adequate food grain buffer stocks.
The retail inflation scaled to a 14-month high of 6.21%, breaching the RBI’s upper tolerance limit, on a sharp jump in vegetable prices.
The agency said sporadic food price pressures continue to inject volatility in the disinflation trajectory.
In its Global Macro Outlook 2025-26, the US-based rating agency said household consumption is poised to grow, fuelled by increased spending during the ongoing festive season and a sustained pickup in rural demand.
Additionally, rising capacity utilization, upbeat business sentiment and the government’s continued thrust on infrastructure spending should support private investment. PTI
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