Good news for India's economy! The experts at India Ratings and Research (Ind-Ra) have boosted their prediction for India's GDP growth in the fiscal year 2024 to 6.7%, up from the earlier estimate of 6.2%. They're optimistic because of our country's strong economy, which grew by 7.6% in the second quarter of the fiscal year.
What's making them positive? Well, ongoing government spending, a healthier financial situation for businesses and banks, potential new investments from private companies, and continued success in software services and business exports.
But, it's not all smooth sailing. The world's trade volume might not grow as much as expected, and global growth is likely to slow down, according to the International Monetary Fund. They predict a worldwide growth slowdown to 2.9% in 2024.
Despite these challenges, Ind-Ra believes India's economy will stay resilient, hitting a growth rate of 6.7%. The Reserve Bank of India expects a bit of a slowdown, projecting an overall growth of 7.0% for the year. Keep an eye out for the next update in February!
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