India to remain Asia-Pacific's fastest growing economy in 2024: Moody's

Economy Growth 2024: India will remain the Asia-Pacific region's fastest-growing economy in 2024, sustaining the domestically-driven momentum of last year, on the back of a continuity in policy that focuses on infrastructure development and encourages private sector investment, according to the latest report of global rating agency Moody's.

In its report titled 'Credit Conditions – Asia-Pacific H2 2024 Credit Outlook,' released on June 13, Moody's highlighted that Indonesia, the Philippines, and India have led the growth in the first half of 2024.

Moody's said stronger portfolio inflows are likely in India and ASEAN economies, because of robust corporate credit metrics and appealing valuations.

In May, Moody's projected the Indian economy to grow 6.8 per cent in the current year, followed by 6.5 per cent in 2025, on the back of strong economic expansion along with policy continuity after the Lok Sabha elections.

India's real GDP has grown by 8.2 per cent in the financial year 2023-24 which ended on March 31 to keep its tag as the world's fastest-growing major economy. The RBI has upgraded its forecast for India's GDP growth to 7.2 per cent with the weather office predicting an above-normal monsoon this year.