Indian economic growth rate will be 6.6 percent in the current financial year, rating agency estimated
GDP Growth Forecast: Everyone's eyes are on India's economic growth. Regarding India's growth rate, global rating agency Moody's said that India's growth rate may see a growth of 6.6 percent in the last financial year. Moody's said that India's economic growth could be due to the boom in the NBFC sector and the increase in credit growth.
The world's nations are all watching India's progress closely. An analysis of India's economic expansion has been provided by the international rating agency Moody's. According to Moody's report, India's economy could expand at a swift rate of 6.6 percent during the current fiscal year.
The rating agency said that the country's economy may accelerate due to an increase in credit demand and growth in the NBFC sector.
Moody's Ratings said in its report that India's economy will grow by 6.6 percent at the end of the current financial year and by 6.2 percent in the coming financial year. NBFC and credit growth will be the main factors in this boom. Moody's has estimated that the Indian economy may grow at a rate of 8 percent in the financial year 2023-24.
Regarding non-banking financial companies, Moody's said in its report that NBFCs will continue to play an important role in meeting the increasing demand for personal and business loans. The contribution of NBFCs to the strong economic development of the country will be huge.
Some time ago, the International Monetary Fund (IMF) and the World Bank also praised India's economic growth. IMF had estimated the growth rate to be 6.5 percent in the last financial year. The World Bank has estimated that India's growth rate could be 7.5 percent in the last financial year 2023-24.
