As the latest report by Moody's noted, India, during the year 2024, would be the only economy in the Asia Pacific to grow really fast. It has said this would be on the back of continued policy focus on building infrastructure and encouraging private sector investments on the building momentum of growth witnessed last year. In fact, Moody's just published a report yesterday, 'Credit Conditions – Asia-Pacific H2 2024 Credit Outlook', showing Indonesia, the Philippines, and India led the pack among regional economies for growth in the first half.
According to Moody's, portfolio inflows into India and ASEAN economics are also likely to gather pace on the back of strong corporate credit metrics, apart from attractive valuations. In May, Moody's had estimated that the Indian economy may grow by 6.8% in the current year and 6.5% in 2025 on the back of robust economic growth-policy stability after the national elections.
Real GDP growth - The rate of growth of real GDP of India was 8.2% in FY 2023-24 and hence retained the tag as the world's fastest-growing major economy. In 6 April, the RBI has revised the GDP growth forecast for the Indian economy from 6.4% to 7.2% because the weather office has signaled the possibility of receiving an above-average monsoon season.
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