Moody's Bullish on India's Strong Credit Demand, Sees 6.6 pc Growth in 2024-25 Fiscal

The IMF increased India's growth estimates for 2024 from 6.5% to 6.8% in its most recent forecast.
Moody's Bullish on Strong Credit Demand, Sees 6.6 pc Growth in 2024-25 Fiscal

Moody's Bullish on Strong Credit Demand, Sees 6.6 pc Growth in 2024-25 Fiscal. Image Source: Canva

The global rating agency Moody's is quit bullish on India's strong credit demand that will support the NBFC sector's profitability. The ratings agency sees the Indian economy to grow at 6.6 per cent in the current financial year 2024-25. The rating agency's 2024-25 GDP growth estimates are, however, lower than the projections made by the RBI. The RBI, in its latest monetary policy review meeting, projected Indian economy to grow at 7 per cent in 24-25. The global rating agency for the next financial year 2025-26 pegged India's growth at 6.2 per cent.
The rating agency Moody's has upheld its stable outlook for the Indian government. The probability that India's fiscal measures will steadily improve in the face of strong growth prospects relative to peers is included in the steady forecast. Moody's stated that despite slow fiscal austerity over the next year, the economy has emerged from the epidemic stronger and more stable. However, the company does not anticipate a major drop in debt. It had also claimed that digitalization, financial system restoration, and infrastructural growth were beneficial to India.
According to the most recent World Economic Outlook from the International Monetary Fund, India will continue to develop at the highest rate among major countries in 2024. The IMF increased India's growth estimates for 2024 from 6.5% to 6.8% in its most recent forecast. Inflation at reasonable levels, political stability at the central government level, substantial central bank monetary policy, and firm GDP growth projections have all helped to present a positive picture of the Indian economy in recent quarters.
(ANI Inputs)
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