Moody’s upgrades India’s FY24 GDP growth forecast to 8%

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NEW DELHI : Rating agency Moody's on Thursday raised its forecast for India's GDP growth in FY24 to 8% from 6.6% on the back of strong government expenditure and domestic consumption. The upgrade comes a week after the rating agency raised its forecast for India's GDP growth in calendar 2024 to 6.8% from 6.1%. "We expect India to be the fastest-growing economy among major G20 countries, with its real GDP growth to accelerate to around 8% in the fiscal year ending March 2024 (fiscal 2023-24) from 7.0% in fiscal 2022-23," Moody's said in its Banking System Outlook report. "Government capital...