“India’s economy is a sleeping giant. Once it awakens, it will be a force to be reckoned with”, quoted the Chinese business magnate Jack Ma.
Certainly, with time India's economic journey has garnered international attention with influential global agencies revising their GDP forecasts upwards.
The increase in economic optimism reflects not only India's resilience but also it’s commitment to policy reforms and robust growth drivers, which has positioned India on a global stage.
India’s thriving economy has not just impressed but also motivated five most influential global agencies: IMF, World Bank, Moody’s, Fitch Ratings and S&P Global along with financial powerhouse Morgan Stanley and recently the UNCTAD Report as well, which aims to revise their GDP forecasts upward.
IMF upholding India's growth momentum
The IMF's latest World Economic Outlook report highlighted India's economic resilience with growth forecasts revised upwards.
Anticipating a 6.8% expansion in India's real GDP for 2024, the IMF's endorsement affirms India's status as the world's fastest-growing economy.
Read more: IMF upgrades India's growth projection to 6.8% for 2024 (newsarenaindia.com)
World Bank supporting India’s sustained growth
Despite signs of moderation, the World Bank remains bullish on India's growth prospects, revising its GDP forecast to 6.3% for FY23/24.
The World Bank stated in India Development update, India’s biannual flagship publication, that “The World Bank has revised it’s FY 23/24 GDP forecast to 6.3 per cent from 6.6 per cent(December 2022).
While recently, in it’s latest South Asian Development Update it projected the nation’s growth at a rate of 7.5% in 2024 with an adjustment of 1.2 per cent from earlier estimates.
Read highlights of the report at: Indian economy to grow at 7.5% in 2024, World Bank projects (newsarenaindia.com)
S&P Global places India at the forefront of Asian economic expansion
S&P Global anticipates a substantial growth for Asian emerging markets, with India taking the lead.
With a revised growth forecast of 6.8% for the next fiscal year, India continues to attract global attention and investment.
Moody's optimism amidst uncertainty
Moody's Analytics maintains a cautious stance, projecting a 6.1% growth for India in FY25.
Moody’s affirmed India’s stable prospects, while pointing to the possibility of incremental enhancement in fiscal metrics buoyed by strong growth prospects relative to it’s peers.
Read the report at: Moody's bullish: India's growth story continues with stable outlook (newsarenaindia.com)
Fitch indicates upward movement
Fitch Ratings' significant upward revision of India's GDP growth forecast to 7.8% for the current year reflects confidence in India's economic outlook.
Robust domestic demand and investment growth asserts India's position as a key driver of emerging market growth.
Morgan Stanley recognizes India’s economic fortitude
Morgan Stanley projects an upward adjustment of India's GDP growth to 6.8% for FY25.
Read more: No rate cuts in FY25 for India: Morgan Stanley (newsarenaindia.com)
A positive consensus amongst analysts
Beyond the esteemed global agencies, other institutions echo a positive sentiment towards India's economic growth as well.
The surge is not merely a statistical phenomenon, it is the nation's resilience, vision, and commitment to progress. As global agencies and analysts revise their forecasts, India's journey towards becoming a global economic powerhouse gains momentum, setting the stage for a future defined by prosperity, innovation, and inclusive growth.
Amidst the flurry of positive forecasts for India's economy, various agencies have echoed optimism regarding the nation's growth.
Goldman Sachs, in its India 2024 Outlook, anticipates steady growth at 6.3% year-on-year, emphasizing the pivotal role of government spending pre-elections and a subsequent surge in private investment post-elections.
Similarly, the UN projects a 6.5% expansion for India's economy in 2024, attributing this growth to the increasing presence of multinational corporations shifting manufacturing processes to India, thereby strengthening exports.
UNCTAD's recent report also highlights India's status as the fastest-growing major economy globally, fuelled by robust public investment and the resilience of the services sector.
Read the highlights of the report at: UNCTAD report: Global growth at 2.6%, India's economic surge reaches 6.5% (newsarenaindia.com)
In an article featured in the World Economic Forum Annual Meeting, Sriram Gutta and Suchi Kedia paint a compelling picture of India's potential as a global economic powerhouse.
They envision India's trajectory leading to it becoming the world's third-largest economy within the next five years, and ultimately transitioning into a developed nation by 2047, setting a precedent for inclusive growth, digital advancement, and climate action.
With global unrest and uncertainties looming large, India's impressive economic advances offers a sign of promise.
The President of the European Central Bank, Christine Lagarde, aptly identifies the essential elements that propels India to greater heights, a path that the nation must tread upon, she states, “India’s story is one of the most compelling in the world, It has all the right ingredients for economic success, a young and dynamic population, a growing middle class, a diverse economy and a vibrant democracy”
These are such inherent traits that caters to India’s sustained economic growth.
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