India's economy is growing robustly at an estimated 7.2% in 2024, Moody's Investors Service India Pvt. Ltd said on Friday in an update on the growth prospects for G20 economies. It added that India's economy has the potential to sustain high growth rates as strong private sector financial health reinforces a virtuous economic cycle.
The agency also said a shift in global supply chains will offer new opportunities for India, Mexico and other South-east 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 this financial year (2024-25).
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.
India's retail inflation based on the consumer price index (CPI) jumped to a 14-month high in October, and wholesale inflation to a four-month high, due to rising food prices.
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