IndiaRatings (Ind-Ra) revised its FY24 growth forecast downward to 5.9% from the Reserve Bank of India‘s 6.4%. The agency predicts that growth would not surpass 6% in 2023–2024 despite factors such as continuing government capital spending, deleverage corporations, reduced NPAs, the Production-Linked Incentive Scheme, and the expectation that global commodity prices will remain stable.
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