Three agencies, Goldman Sachs, S&P, Morgan Stanley and Moody's, have revised India's growth projections upwards. S&P revised India's growth projections from 6.4 per cent to 6.8 per cent, Morgan Stanley from 6.1 per cent to 6.8 per cent and Moody's from 6.6 per cent to 8 per cent for the current fiscal. Goldman Sachs raised India's 2024 growth projections to 6.6 per cent, a 10 basis point improvement from its previous forecast. The growth projections were revised upward by the rating agencies, reflecting both global and domestic optimism in the country's economy on the back of robust manufacturing activity and infrastructure spending.

Finance Minister Nirmala Sitharaman recently said that India will grow over 8 per cent in the January-March quarter of 2024. The country has become the fifth-largest economy of the world and the Modi government has pledged to make it the third largest by 2027. The 8.4 per cent growth in Q3 has surpassed expectations, post that various institutions have upgraded their GDP growth forecast for India.