Gone are the days of 8% growth: Moody's on India

October 17, 2013 17:45

The Indian economy has bottomed out and the recovery is on the anvil although the days of 8 per cent growth are "gone", Moody's Analytics said today.

"The economy is nearing the bottom of the current cycle and there is recovery in sight as investment should improve from the fourth quarter, as the government has been actively trying to restart stalled investment projects, both from the public and private sectors," senior economist at Moody's Analytics Glenn Levine said in a note today.

"Yet the recovery will be modest, as weak business sentiment will take time to turn around. We expect fixed investment to grow 3.5 per cent in 2014 after being flat in 2013," he added.

The arm of the global credit ratings agency Moody's also said: "The days of 8 per cent GDP growth are gone. We expect the Indian economy to hit its potential growth rate of 6.5 per cent by the second half of 2015."

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