Moody’s Ratings raised India’s growth forecast for 2024 to 7.2 percent from 6.8 percent projected earlier, predicting a higher pick up for private consumption.

The Indian economy is also expected to grow faster at 6.6 percent in 2025, compared with 6.4 percent projected earlier, the global ratings agency said on August 29.

“Global growth is stabilizing and inflation in most markets is close to central bank targets. We expect global growth will slow to 2.7% and 2.5% in 2024 and 2025, respectively, from 3.0% in 2023, though growth trends differ across countries,” Moody’s said predicting no change to the global outlook.

The Indian economy expanded 7.8 percent in the first quarter of 2024. Numbers for the April-June quarter will be available on August 30.

A Moneycontrol poll shows that growth is likely to slow to a five-quarter low of 6.8 percent in April-June quarter.