On Monday, Moody’s, a financial services institute, raised India’s GDP growth prediction for 2024 from 6.1% to 6.8%. According to Moody’s, India will be the top country in terms of GDP growth compared to other G20 countries.
The Press Trust of India reported India’s excellent performance in 2023. While countries were going into recession, India was growing at more than 6-7% of the rate, which made Moody’s forecasts change.
Whereas many experts were expecting 6.6% during October–December 2023, the Indian economy grew by 8.4% during the period. The GDP growth was fabulous and stunned many experts and economists.
On the other hand, many economists blamed the government for taking on debt and generating growth in the economy. According to International Monetary Fund data, India’s debt is going to account for 100% of its GDP, which is quite dangerous for developing countries like India.
However, many economists believe India will become a developed nation by 2047, and many developed nations like the United States of America and Japan have massive debt—more than 150% of their GDP.
India is currently at the top of the G20 nations in terms of GDP growth. According to the report, GDP growth momentum was strong from September to December, which made them grow their predictions in March.
Further, according to the report, India’s interim budget is quite good, and Moody’s sees growth in the Indian economy because of India’s government investment in infrastructure and new initiatives.
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