May 26, 2024 17:31 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Payal Kapadia's Indian film All We Imagine As Light wins Grand Prix Award at Cannes | 'Was told to take the blame': Pune Porsche teen's grandfather told driver to take responsibility for crash | 24 killed in gaming zone fire in Gujarat’s Rajkot; PM Modi expresses grief | INDIA bloc performing mujra for vote bank, says Prime Minister Narendra Modi launching a scathing attack on opposition parties | West Bengal, Odisha brace for impact of Cyclone Remal, check the latest update on landfall time
Fitch Ratings India hopes India to remain among fastest growing economy in 2024-25
Indian Economy
Photo Courtesy: Unsplash

Fitch Ratings India hopes India to remain among fastest growing economy in 2024-25

| @indiablooms | 26 Dec 2023, 05:32 pm

Fitch Ratings hopes that India will mark a GDP growth of 6.5 per cent in 2024-25, a move which will ensure India to remain among the world's fastest-growing countries.

For the current financial year 2023-24, it pegs GDP growth at 6.9 per cent, reported ANI.

"Demand will remain strong for cement, electricity and petroleum products, with high-frequency data in 2023 sustained at well above pre-Covid-19 pandemic levels. India's rising infrastructure spending will also boost steel demand. Car sales will continue to rise, despite our expectation of moderation after robust growth in 2023," Fitch said in a report on Friday as quoted by ANI.

India is currently the world's fifth-largest economy.

The US, China, Germany, and Japan are ahead of India.

India's robust economic growth will boost demand at corporates, despite weakness from slowing growth in key overseas markets, said the rating agency.

Speaking about India's IT sector, a big contributor to GDP, the rating said slowing demand in the US and eurozone is likely to moderate sales growth for IT services, but a corresponding easing of employee attrition and wage pressure should underpin higher profitability, the news agency reported.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.