S&P Global Ratings in its report titled 'China Slows India Grows' has said India's GDP growth rate will rise to 7 per cent by 2026 compared to 4.6 per cent for China. S&P Global Ratings said it expects Asia-Pacific's growth engine to shift from China to South and Southeast Asia.
It stated ‘We project China's GDP growth to slow to 4.6 per cent in 2024 (2023: 5.4 per cent), edge up to 4.8 per cent in 2025, and return to 4.6 per cent in 2026. We see India reaching 7.0 per cent in 2026; Vietnam, 6.8 per cent (4.9 per cent); Philippines, 6.4 per cent (5.4 per cent); and Indonesia remaining steady at 5 per cent.’
It recently had raised India's growth forecast for the current financial year (FY24) to 6.4 per cent, from 6 per cent, saying that robust domestic momentum has offset headwinds from high food inflation and weak exports.