S&P Global Ratings retains FY24 India growth projection at 6 per cent

New Delhi, Jun 26

S&P Global Ratings on Monday retained India’s GDP growth forecast at 6 per cent saying it will be the fastest growing economy among Asia Pacific nations.

The GDP growth forecast for the current and the next fiscal has been kept unchanged from the forecast made in March partly on account of domestic resilience.

“We see the fastest growth at about 6 per cent in India, Vietnam, and the Philippines, S&P Global Ratings said in its quarterly economic update for Asia-Pacific.

“The medium-term growth outlook remains relatively solid. The Asian emerging market economies remain among the fastest growing ones in our global growth outlook through 2026,” said Louis Kuijs, Asia-Pacific chief economist at S&P Global Ratings.

S&P said retail inflation is likely to soften to 5 per cent this fiscal from 6.7 per cent, and the RBI is expected to cut interest rates only early next year.