Team Blitz India
NEW DELHI: India will be among the world’s fastest-growing countries, with resilient GDP growth of 6.5 per cent during the fiscal 2024-25, said leading credit rating firm Fitch in a report. For the current financial year 2023-24, it pegs GDP growth at 6.9%.
This is despite a challenging global backdrop and the cumulative impact of the recent monetary tightening, it said. In its latest research report on ‘India Corporates: Sector Trends 2024’, Fitch expects that India’s resilient economic growth will boost demand of the corporates.
It said that this is a sequel to the robust performance of the corporates in 2023 and will offset weakness from slowing growth in the key overseas markets Sectors like cement, electricity and petroleum products are expected to witness a strong demand with high-frequency data in 2023 sustained well above pre-COVID pandemic levels.
Fitch said that India’s improving infrastructure will also boost steel demand. Slowing down in the US and the Eurozone is likely to moderate growth of the IT services.
Fitch said rising domestic auto sales volume should drive revenues of the auto suppliers, while travel and tourism conditions also improved in 2023.
