Page 21 - Policy Economic Report - September 2024
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POLICY AND ECONOMIC REPORT
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• Top 5 export destinations, in terms of change in value, exhibiting growth in August 2024 vis a vis
August 2023 are Netherland (28.92%), Kenya (105.72%), Russia (44.61%), Brazil (27.05%) and U K
(14.57%).
• Top 5 export destinations, in terms of change in value, exhibiting growth in April-August 2024 vis
a vis April-August 2023 are Netherland (36.43%), U S A (5.72%), U Arab Emts (9.24%), Malaysia
(40.06%) and U K (14.59%).
• Top 5 import sources, in terms of change in value, exhibiting growth in August 2024 vis a vis August
2023 are U Arab Emts (72.7%), Switzerland (80.45%), China P Rp (15.55%), U K (124.55%) and
Oman (274.95%).
• Top 5 import sources, in terms of change in value, exhibiting growth in April-August 2024 vis a vis
April-August 2023 are U Arab Emts (52.6%), China P Rp (10.96%), Russia (6.39%), Switzerland
(16.88%) and Taiwan (40.38%).
7. Moody’s raises India’s 2024 growth forecast to 7.1% on better growth in Asia-Pacific
Moody's has revised its calendar year (CY) 2024 growth forecast for India to 7.1%, from its earlier
estimates of 6.8% in June, as it expects growth in the Asia-Pacific region to outpace the global
economy. It, however, kept its India growth forecast for CY 2025 unchanged at 6.5%.
The World Bank had also revised its fiscal year 2025 or FY25 growth forecast for India to 7%, from its
previous estimate of 6.6%, citing government spending on infrastructure, a rise in household
investments in real estate, better-than-expected monsoon and agricultural output, and an increase in
private consumption.
India’s GDP expanded 8.2% in FY24, at a faster pace than the 7% reported in FY23, according to data
released by the National Statistical Office (NSO). The Reserve Bank of India (RBI) expects the economy
to grow at 7.2% in FY25.
India's economy grew at 6.7% in the April-June quarter (Q1, FY25), following a 7.8% expansion in the
previous quarter (Q4, FY24), marking the slowest pace in five quarters, according to data released by
the statistics ministry in August.
8. ADB retains India’s GDP growth projection for FY25 at 7%
The Asian Development Bank (ADB) retained its projection on India’s GDP growth for the current
financial year at 7% and for 2025-26 at 7.2% and said geopolitical shocks that could disrupt global
supply chains and commodity prices pose near-term risks.
According to ADB, agricultural improvements will enhance rural spending, which will complement the
effects of robust performance of the industry and services sectors.
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