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Indian economy likely to grow at 5.9% in FY24, says India Ratings

The rating agency expects the average retail and wholesale inflation to be at 5.4 per cent and 1.1 per cent, respectively

Economic growth, GDP
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Nikesh Singh
India’s gross domestic product (GDP) is expected to grow at 5.9 per cent in FY24 amid normalising pent-up demand, global slowdown, and higher borrowing costs, India Ratings & Research said on Tuesday.

“Although there are few positives for India such as sustained government capex, deleveraged corporates, low non-performing asset (NPA) in the banking sector, production-linked incentive scheme, and likelihood of global commodity prices remaining subdued, the agency believes that they are still not sufficient to take the FY24 GDP growth beyond 6 per cent,” it said in its latest macro-economic outlook for FY24.

The International Monetary Fund has projected the

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First Published: Feb 21 2023 | 7:16 PM IST

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