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S&P Global stressed the persistently high headline inflation, projecting a prolonged delay before India's interest rate cycle shifts

S&P Global raises India's FY24 GDP outlook to 6.4% from 6% earlier, trims FY25 projections

<h2>S&amp;P Global stressed the persistently high headline inflation, projecting a prolonged delay before India's interest rate cycle shifts</h2>

S&amp;P Global Ratings has upped India's GDP forecast for the fiscal year 2024 from 6% to 6.4%, attributing the revision to robust domestic momentum outweighing challenges posed by high food inflation and sluggish exports. However, while anticipating a stronger performance for FY24, the agency has simultaneously lowered its projection for the financial year 2025 from 6.9% to 6.4%.&nbsp;
The ratings agency attributed this adjustment to robust domestic momentum counteracting challenges stemming from elevated food inflation and sluggish exports.
S&amp;P Global emphasized the persistence of headline inflation above the RBI's 4% target, projecting a prolonged period before India's interest rate cycle shifts.
The agency highlighted a transient surge in food inflation from July to September, but it seems to have had minimal effect on the underlying inflation dynamics, according to their analysis.
The possibility of India becoming the first Asian economy to reduce interest rates by June next year was highlighted in a recent note by Morgan Stanley, aligning with S&amp;P Global's projection of a 100 basis point rate cut by March 2024.
Additionally, S&amp;P Global's assessment of the global economic landscape indicates an anticipated decline in US inflation towards the Federal Reserve's 2% target. However, they foresee another rate hike in the December meeting and anticipate the first rate reduction to occur in mid-2024.
The agency predicts persistent strain from higher US interest rates on Asia-Pacific markets and currencies throughout 2024, with a resilient US economy likely necessitating prolonged higher rates.
As for China, S&amp;P Global expects growth to align with its potential in 2024 after witnessing an improvement in growth momentum since August.
Fiscal and monetary easing measures are seen to be gaining traction, particularly in the real estate sector, prompting an upward adjustment in the 2023 growth forecast to 5.4%.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/morgan-stanley-forecasts-rbi-s-possible-rate-cut-delay-amid-global-economic-pressures-1700119766187#google_vignette">Morgan Stanley forecasts RBI's possible rate cut delay amid global economic pressures</a>

Come, be part of the India growth story. This was Union Finance Minister Nirmala Sitharaman's message to investors in Silicon Valley, as she wrapped up her trip to the United States.
Speaking at a round table hosted by the CII and the US Chamber of Commerce’s US-India Business Council (USIBC), Nirmala Sitharaman pitched for collaboration with the US in financial services and emerging technologies.
Also watch | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?
She said fintech represents a unique opportunity for sustainable and inclusive growth.
"India has the largest start up ecosystem...1 in 4 start-ups belong to fintech and increasingly becoming unicorns. 20 unicorns belonging to fintech in last 2-3 years. Digital adoption rate in India as of 2019 was 85% whereas globally it was 64%," said the Finance Minister.
There's a fintech revolution happening in India, and as a country that runs the largest financial inclusion programme in the world, and has highest fintech adoption rate globally, India has a lot to offer.
Also watch | Finance Minister Nirmala Sitharaman at IMF: India is a leader in digital adoption
India is home to one of the fastest growing fintech markets. At $31 billion in 2021, it's the 3rd largest in world, after the US and China. India's fintech market size is estimated to grow at a CAGR of 20% to reach $138 billion by 2023. 
Global leaders from the fintech sector, from the USIBC and the CII member companies also feel fintech can power a free and prosperous Indo-Pacific.
Ambassador Atul Keshap, former diplomat and President of USIBC says, innovation around fintech will be a critical to reach $500 billion in annual trade between the US and India. The fintech sector also offers the chance to meet the needs of Generation Z and Millennials, who are tech-savvy in financial management across all economic categories, including insurance, loan repayment, and purchase or sale or investment of financial assets.
Also watch | Money laundering, terror financing - biggest risk of crypto: FM Sitharaman
Another big area of focus for the Finance Minister the US semiconductor players. Some call it the ‘brain’ of modern electronics, while others call it the ‘heart.’ Nirmala Sitharaman met representatives of the semiconductor industry in the US urging them to invest in India. 
Last year, the govt also approved a $10bn production-linked incentive scheme to boost semiconductor manufacturing in the country, in a bid to position India as a global hub for hi-tech production. The move is starting to show results. The govt has received five proposals for setting up of semiconductor fabrication and display fabrication units worth Rs 1.53 lakh crore. Not just that, the semiconductor market of India is estimated to touch $63 billion by 2026, as per reports.
Also watch | The US-India 2+2 dialogue amid Russia-Ukraine crisis: What next for India-US ties?
With a growth forecast of almost 8% in FY 2023, India is likely to remain the world’s fastest growing major economy over the next few years. With healthy FDI inflows, and the macroeconomic outlook looking stable, the Indian economy is showing steady recovery, post the pandemic.
At a critical time for geo-strategic and geo-economic convergence, the govt hopes that the India-US trade partnership, can make the case for democracy through shared prosperity.

Decoded | FM Nirmala Sitharaman's outreach at Silicon Valley: Be part of India's growth story

Finance Minister Nirmala Sitharaman pitched for collaboration with the US in financial services and emerging technologies, saying that fintech represents a unique opportunity for sustainable and inclusive growth.


Speaking at a round table hosted by the CII and the USIBC,&nbsp;Nirmala&nbsp;Sitharaman pitched for collaboration with the US in financial services and emerging technologies.

Come, be part of the India growth story.&nbsp;This was Union Finance Minister&nbsp;Nirmala&nbsp;Sitharaman's message to investors in Silicon Valley, as she wrapped up her trip to the United States.
Speaking at a round table hosted by the CII and the US Chamber of Commerce&rsquo;s US-India Business Council (USIBC),&nbsp;Nirmala&nbsp;Sitharaman pitched for collaboration with the US in financial services and emerging technologies.
Also watch |&nbsp;<a href="https://www.editorji.com/editorji-specials/the-india-story/decoded-nirmala-sitharaman-s-visit-in-washington-bid-to-boost-india-us-trade-ties-1650637495202" target="_blank">Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?</a>
She said fintech represents a unique opportunity for sustainable and inclusive growth.
"India has the largest start up ecosystem...1 in 4 start-ups belong to fintech and increasingly becoming unicorns. 20 unicorns belonging to fintech in last 2-3 years. Digital adoption rate in India as of 2019 was 85% whereas globally it was 64%," said the Finance Minister.
There's a fintech revolution happening in India, and as a country that runs the largest financial inclusion programme in the world, and has highest fintech adoption rate globally, India has a lot to offer.
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/fm-at-imf-india-a-leader-in-digital-adoption-1650346597961" target="_blank">Finance Minister Nirmala Sitharaman at IMF: India is a leader in digital adoption</a>
India is home to one of the fastest growing fintech markets.&nbsp;At $31 billion in 2021, it's the 3rd&nbsp;largest in world, after the US and China.&nbsp;India's fintech market size is estimated to grow at a CAGR of 20% to reach $138 billion by 2023.&nbsp;
Global leaders from the fintech sector, from the USIBC and the CII member companies also feel fintech can power a free and prosperous Indo-Pacific.
Ambassador Atul Keshap, former diplomat and President of USIBC says, innovation around fintech will be a critical to reach $500 billion in annual trade between the US and India.&nbsp;The fintech sector also offers the chance to meet the needs of Generation Z and Millennials, who are tech-savvy in financial management across all economic categories, including insurance, loan repayment, and purchase or sale or investment of financial assets.
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/money-laundering-terror-financing-biggest-risk-of-crypto-fm-sitharaman-1650342258379" target="_blank">Money laundering, terror financing - biggest risk of crypto: FM Sitharaman</a>
Another big area of focus for the Finance Minister the US semiconductor players. Some call it the &lsquo;brain&rsquo; of modern electronics, while others call it the &lsquo;heart.&rsquo;&nbsp;Nirmala&nbsp;Sitharaman met representatives of the semiconductor industry in the US urging them to invest in India.&nbsp;
Last year, the govt also approved a $10bn production-linked incentive scheme to boost semiconductor manufacturing in the country, in a bid to position India as a global hub for hi-tech production. The move is starting to show results. The govt has received five proposals for setting up of semiconductor fabrication and display fabrication units worth Rs 1.53 lakh crore.&nbsp;Not just that, the semiconductor market of India is estimated to touch $63 billion by 2026, as per reports.
Also watch |&nbsp;<a href="https://www.editorji.com/editorji-specials/the-india-story/the-india-story-us-india-2-2-dialogue-amid-russia-ukraine-crisis-what-next-for-india-us-ties-1649854668499" target="_blank">The US-India 2+2 dialogue amid Russia-Ukraine crisis: What next for India-US ties?</a>
With a growth forecast of almost 8% in FY 2023, India is likely to remain the world&rsquo;s fastest growing major economy over the next few years. With healthy FDI inflows, and the macroeconomic outlook looking stable, the Indian economy is showing steady recovery, post the pandemic.
At a critical time for geo-strategic and geo-economic convergence, the govt hopes that the India-US trade partnership, can make the case for democracy through shared prosperity.

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