Moody Analytics Report Projects Indian Economy To Expand 6.1 percent in 2024

FC Correspondent
New Delhi, April 12

Moody's Analytics on Friday projected India's economy to expand 6.1 per cent in 2024, lower than 7.7 per cent growth clocked in 2023. It also said that looking at gross domestic product or GDP relative to its trajectory prior to the pandemic shows that India and Southeast Asia have seen some of the largest output losses worldwide and are only beginning to recover.

“The output in India remains 4 per cent lower than it would have been without the Covid pandemic and its various aftershocks -- from supply snags to military conflicts abroad. Economies in South and Southeast Asia will see some of the strongest output gains this year, but their performance is flattered by a delayed post-pandemic rebound. We expect India’s GDP to grow 6.1 per cent in 2024 after 7.7 per cent last year,” the Moody's Analytics said.

In its report, Moody's Analytics also said the region overall is doing better than other parts of the world. “The Asia Pacific (APAC) economy will grow 3.8 per cent this year, which compares with a growth of 2.5 per cent for the world economy,” the report added.

With regard to inflation, it also said the outlook for China and India is more uncertain. “Inflation in India is at the opposite extreme, with recent consumer price inflation rates hovering around 5 per cent, close to the upper end of the Reserve Bank of India's target range of 2 to 6 per cent and without clear evidence of a trend towards slowing price pressures," it said. #End#