India’s rating is underpinned by a robust medium-term GDP growth outlook and sound external finances, which remain intact as the country has navigated a fraught external environment in the past few years, according to a press release issued by the ratings agency on Tuesday.
It forecasts India’s GDP growth at 6.9% in FY24, as compared with a previous forecast of 6% in May 2023. In FY25, GDP growth is estimated to ease to 6.5%.
India is poised to remain one of the fastest-growing countries globally in the next few years as the robust economic momentum is proving resilient, the ratings agency said.