India’s GDP to grow 6.1 pc in 2024: Moody’s Analytics

New Delhi: Moody’s Analytics on Friday projected India’s economy to expand 6.1 per cent in 2024, lower than 7.7 per cent growth clocked in 2023.

It said output in India remains 4 per cent lower than it would have been without the COVID pandemic and its various aftershocks — from supply snags to military conflicts abroad.

“Economies in South and Southeast Asia will see some of the strongest output gains this year, but their performance is flattered by a delayed post-pandemic rebound. We expect India‚Äôs GDP to grow 6.1 per cent in 2024 after 7.7 per cent last year,” Moody’s Analytics said.

Retail inflation outlook for Asia’s two largest economies India and China is uncertain and currently ‘worlds apart,’ Moody’s Analytics said in a report on Friday.

A battered China is seeing inflation readings far lower than in India, which is showing no evidence towards slowing price pressures, the report said.

While China’s price pressures have remained muted due to a chronic demand shortage and a fall in pork prices, India is at the opposite extreme.

Chinese consumer price inflation dropped to 0.1 per cent annually in March from 0.7 per cent in February. In India, retail inflation is currently hovering around 5 per cent, closer to the Reserve Bank of India’s upper end of the tolerance band of 2-6 per cent.