New Delhi, 09 November: Global rating agency Moody’s Investors Service has maintained India’s economic growth forecast for calendar year 2023 at 6.7 percent.
Moody’s believes that strong domestic demand in the country will sustain the growth momentum in the near future.
Moody’s Investors Service, in its ‘Global Macroeconomic Outlook-2024-25’ released on Thursday, said that sustained growth in domestic demand is driving the Indian economy forward.
Moody’s said that we expect India’s real gross domestic product (GDP) growth rate to grow at about 6.7 percent in calendar year 2023, 6.1 percent in 2024 and 6.3 percent in 2025.
It is noteworthy that the Reserve Bank of India (RBI) has maintained the economic growth rate estimate for the financial year 2023-24 at 6.5 percent.
The GDP growth in the first quarter of the current financial year has been 7.8 percent, while the GDP growth rate in the second quarter is estimated to be 6.5 percent.
The country’s economic growth rate has been strong, driven by strong domestic consumption, solid capital expenditure and service sector activity.
