India to grow fastest in Asia-Pacific at 6% in FY24: S&P
S&P sees the fastest growth at about 6% in India, Vietnam, and the Philippines; forecasts inflation to soften to 5% in FY24
S&P sees the fastest growth at about 6% in India, Vietnam, and the Philippines; forecasts inflation to soften to 5% in FY24
The fall in its forex reserves to around $533 billion currently, from a peak of about $634 billion in 2021, is driven in part by India's growing current account deficit, says S&P.
While the rating agency downgraded India’s sovereign rating, BofA Securities’ economists see the present downturn as cyclical rather than structural; say fiscal stimulus is critical for recovery.
More realistic NPA recognitions, rebounding corporate profits, and quicker NPA resolution under the IBC will help banks recover from a protracted bad-debt cycle, according to the ratings major.