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Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
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India Poised To Be Among Fastest-Growing Economies Till 2030: Goldman Sachs

OMMCOM NEWS by OMMCOM NEWS
September 25, 2024
in Business
SENSEX

New Delhi: Driven by strong GDP growth and positive investor sentiment, India is poised to remain among the world’s fastest growing economies until 2030, global brokerage Goldman Sachs has said.

The country’s earnings have started to stablise over the past few years, with “mid-teen profit growth momentum that might sustain until 2030,” Goldman Sachs said in a note, as the country continues to remain resilient amid global uncertainties.

According to the global brokerage, Nifty’s total earnings growth and market cap have both achieved an 18 per cent compound annual growth rate (CAGR) over the past five years.

“As this evolves, the profit pool is likely to shift towards investment cyclicals, which includes autos, real estate, chemicals along with industrials, which could see the largest rise in profit share. Consumer cyclicals could see the highest absolute growth,” according to Goldman Sachs.

Meanwhile, the Indian economy is projected to grow faster at 7.1 per cent this fiscal (FY25), Moody’s Analytics has said.

In its new Asia Pacific outlook, the global credit ratings kept the country’s growth forecast unchanged at 6.5 per cent for 2025 while projecting faster growth of 6.6 per cent in 2026.

S&P Global Ratings has also retained India’s growth forecast at 6.8 per cent for the fiscal 2024-25. The global ratings said that In India, GDP growth moderated in the June quarter as high interest rates temper urban demand, in line with our projection of 6.8 for GDP for the full fiscal year 2024-2025. The rating agency also retained India’s growth forecast for FY 2025-26 at 6.9 per cent.

According to the report, the Reserve Bank of India (RBI) considers food inflation a hurdle for rate cuts.

“Our outlook remains unchanged: we expect the RBI to begin cutting rates in October at the earliest and have pencilled in two rate cuts this fiscal year (year ending March 2025),” said the report.

(IANS)

Tags: GDP Growth
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