Prime Minister Narendra Modi
The speed with which India is progressing. The whole world is admiring him. Recently a Fitch report came in which it had increased India’s growth. Now Moody’s has expressed confidence in India’s growth in its report. Also, Moody’s believes that due to strong domestic demand in the country, the pace of growth will continue in the near future. On the other hand, the condition of China is very bad. Fitch has recently reduced China’s growth from its earlier estimates. The real sector of the country has sunk. Manufacturing is ruined. Unemployment is at its peak. This means that China has been completely injured on every front.
How much can the growth be?
Moody’s said in its economic report that India’s economy is continuously growing due to continuous increase in domestic demand. Moody’s said that we expect India’s real GDP growth rate to increase by about 6.7 percent in 2023, 6.1 percent in 2024 and 6.3 percent in 2025. India’s economic growth was 7.8 percent in the June quarter, which was 6.1 percent in the March quarter. The main reasons for the increase in India’s economic growth are domestic consumption and strong capex and growth in the service sector.
Agri income may decrease
Moody’s said that GST collection, increase in vehicle demand, increasing consumer confidence and increase in loan growth suggest that urban consumption demand will remain combative amid the current festive season. However, rural demand, which is showing early signs of improvement, remains a matter of concern due to uneven monsoon. This can increase crop production and agri income. Moody’s said that although core inflation also declined to 4.5 per cent from 4.8 per cent in August, it remained cautious on the risk of an upward trend in CPI-based inflation due to a possible rise in food and energy prices amid uneven weather and geopolitical uncertainty. The bank will adopt a cautious approach.
