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