Moody’s ups India growth forecast to 8% for FY24
New Indian ExpressNEW DELHI: Rating agency Moody’s on Thursday raised India’s GDP growth forecast for FY24 to about 8% from 6.6% on the back of strong domestic consumption and capital expenditure. “We expect India to be the fastest-growing economy among major G20 countries, with its real GDP growth to accelerate to around 8% in the fiscal year ending March 2024 from 7.0% in fiscal 2022-23,” it said. Government capital expenditure and strong domestic consumption will underpin India’s economic growth. The agency also said the outlook for India’s banking system is positive, and that it expects the operating environment for banks to improve as government capital expenditure and robust domestic demand underpin India’s strong economic growth, which will support credit growth.