India's economy is in a sweet spot and could grow 7.2% in 2024, Moody's Investors Service India Pvt. Ltd said, with inflation expected to moderate despite a temporary spurt.
The economy is growing robustly and has the potential to sustain high growth rates, as strong private sector financial health reinforces a virtuous economic cycle, the ratings agency said in an update on the growth prospects for G20 economies. The agency also said a shift in global supply chains will offer new opportunities for India, Mexico and Southeast Asian countries.
Moody's forecast for calendar year 2024 aligns with the Reserve Bank of India's projection of a 7.2% real GDP growth for FY25. The Union finance ministry's economic survey in July projected a conservative 6.5-7% growth, but acknowledged that market expectations are on the higher side.
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