New Delhi, May 7 -- India Ratings and Research (Ind-Ra) has upgraded its GDP growth forecast for India to 7.1 per cent for the fiscal year 2024-25, up from its previous estimate of 6.5 per cent.
The rating agency cited sustained government capital expenditure and deleveraged corporate and bank balance sheets as key drivers supporting the growth momentum.
While Ind-Ra's growth projection is slightly higher than the Reserve Bank of India's forecast of 7 per cent, the firm expects the Gross Value Added (GVA) growth to remain at 6.9 per cent, similar to the previous year.
Private consumption expenditure is anticipated to rise by 7 per cent this year, a three-year high, aided by the forecasted above-normal monsoon, which could boost rural ...