New Delhi, Mar 4 (KNN) Global rating agency Moody's has revised India's growth forecast for the fiscal year 2024 to 6.8 per cent, up from the earlier estimate of 6.1 per cent, citing 'stronger-than-expected' economic data from 2023 and diminishing global economic challenges.

In the fourth quarter of the calendar year 2023, India's real GDP surged by 8.4 per cent year-over-year, resulting in a full-year growth of 7.7 per cent in 2023.

Moody's Investors Service attributed this robust growth to significant contributions from government capital spending and vigorous manufacturing activity.

With the waning of global economic headwinds, Moody's predicts that the Indian economy should comfortably achieve a real GDP growth rate of 6 to 7 per cent.

This positive outlook is underpinned by the continuation of government capital spending and sustained momentum in manufacturing.

Moody's also highlighted the evolving geopolitical landscape, which is expected to influence international trade flows, capital movements, migration trends, and the operations of international organisations in the years ahead.

Additionally, it noted the interconnectedness of industrial and trade policies with foreign policy in several countries.

The upward revision in India's growth forecast reflects the resilience and strength of the Indian economy amidst global challenges, positioning it for robust expansion in the fiscal year 2024.

(KNN Bureau)