NEW DELHI: Global ratings agency S-P on Monday raised India's GDP growth projection for 2023-24 to 6.4% from the previous 6%, citing robust domestic demand.
"We have revised up our projection for India's GDP growth for fiscal 2024 (ending in March 2024) to 6.4%, from 6%, as robust domestic momentum seems to have offset headwinds from high food inflation and weak exports," S-P Global Ratings said in its economic outlook for Asia-Pacific.Read story from ET"Still, we expect growth to slow in the second half of the fiscal year amid subdued global growth, a higher base, and the lagged impact of rate hikes.
As a result, we have lowered our outlook for growth in fiscal 2025 to 6.4%, from 6.9%," said the agency.Several agencies have raised India's GDP growth forecasts in recent months.