This is one of the first upward revisions of India's growth estimate for this fiscal by a global agency, and may tend to mark an alignment of the independent forecasts with the view taken by the government and the Reserve Bank of India (RBI), if others conform. The RBI and the Ministry of Finance have pegged the gross domestic product (GDP) expansion at 6.5% for FY24 and maintain the risks to this rate are evenly balanced.
"The recent high-frequency data point to sustained near-term momentum as highlighted by rising PMI indices, higher car sales and increased power consumption. The economy also continues to benefit from high bank credit growth and infrastructure spending (with more to come from the latter)," Fitch said.
The International Monetary Fund's latest estimate of India's GDP growth in the current fiscal is 5.9%. In its April review, it had cut growth forecasts for India for the current fiscal by 20 bps, and for the next fiscal by 50 bps to 6.3%. These revisions had widened the gap between its forecasts and that of the RBI and the government for the current year.
This story is from the June 23, 2023 edition of Financial Express Mumbai.
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This story is from the June 23, 2023 edition of Financial Express Mumbai.
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