S&P Maintains India's Economic Growth Forecast at 6.0%

Growth Rate Forecast for Fiscal Years 2023-2024

Global credit rating agency Standard & Poor's (S&P) has projected India's economic growth rate for the 2023-2024 fiscal year (April 2023 to March 2024) to remain at 6.0%, the same as its previous forecast.

The Times of India reported on the 25th (local time) that S&P announced this in its Asia-Pacific Economic Outlook report. S&P cited the global economic slowdown, below-average monsoon rainfall, and delayed effects of interest rate hikes as reasons for this growth rate projection.

A billboard welcoming member countries at Indira Gandhi International Airport in New Delhi, India, ahead of this month's Group of Twenty (G20) summit [Image source=Yonhap News]

S&P also forecasted that India's economic growth rate will reach 6.9% in the 2024-2025 and 2025-2026 fiscal years. India recorded a growth rate of 7.2% in the 2022-2023 fiscal year.

Regarding the Asia-Pacific region's economic growth rate, S&P described it as a "multi-speed region" and slightly raised this year's forecast to 3.9% from the previous estimate.

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