India's economic development will increase demand in industry, rating agency Fitch expressed hope

Top credit rating agency Fitch has expressed hope that demand in the industry will increase due to economic growth in India. Let us tell you that Fitch has released a new report. The top of this report is India Corporates: Sector Trends 2024. Fitch has said that the industry's performance in the year 2023 was good and it will be able to recover from the slow pace of important overseas markets.

The report said that increase in demand will reduce cost pressure and this will also increase the profit of industries in the next financial year. There is strong domestic demand in India and it is expected that India will become the fastest growing country in the world. Fitch said India's GDP growth is expected to be 6.5 percent in the financial year 2024-25. Let us tell you that this estimate is when there are many challenges on the global scene.

According to the Fitch report, strong demand for cement, electricity and petroleum products will increase and will be higher than the pre-Corona demand level. Due to the development in infrastructure in India, demand for steel will also increase. The growth of IT services is slowing down in America and Europe but it will also remain strong in India. The growth of the auto sector at the domestic level in India will increase the revenue of auto suppliers in the auto sector and the tourism sector will also see a boom.