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ROBUST GROWTH, GOVT CAPEX POSITIVE, POLL OUTCOME NOT TO DETER REFORMS
The Business Guardian
|May 30, 2024
Standard & Poor's Global Ratings upgraded India's outlook to positive, citing policy stability, economic reforms, and high infrastructure investment
Standard & Poor Global Ratings on Wednesday revised its outlook on India to positive from stable on continued policy stability, deepening economic reforms and high infrastructure investment which will sustain longterm growth prospects.
That, along with cautious fiscal and monetary policy that diminishes the government's elevated debt and interest burden while bolstering economic resilience, could lead to a higher rating over the next 24 months.
The global rating agency forecasts India's real GDP growth at 6.8 per cent in 2025 which compares favourably with emerging market peers amid a broad global slowdown - with public investment and consumer momentum underpinning solid growth prospects over the next three to four years. Irrespective of the June 2024 general election results, S&P expects the incoming government to carry on economic reforms to support the growth vigour, continued infrastructure investment drive and commitment to fiscal consolidation. Solid consumer and public investment dynamics will propel real GDP growth to 6.9 per cent in fiscal 2026 and 7.0 per cent in fiscal 2027.
This story is from the May 30, 2024 edition of The Business Guardian.
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