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India's growth projected at 6.2% in 2024: UN
The economic growth is predicted to be a little less than the 6.3 percent forecast for 2023.
Representative Image / Freepik
India’s economic growth is predicted at 6.2 percent in 2024, driven by strong domestic demand and development in the industrial and service sectors, according to a report by the United Nations.
The World Economic Situation and Prospects 2024 report from the United Nations said that India continues to be the largest economy in the world to develop at the highest rate with government infrastructure projects and foreign investments propelling the country's robust performance in 2023.
South Asia’s gross domestic product is expected to rise by 5.2 percent in 2024, after growing by an anticipated 5.3 percent in 2023. “Growth in several economies in the region will face downward pressures from tighter financial and fiscal conditions, balance-of-payments challenges, and the return of the El Nino climate phenomenon," the report noted.
“Investment has been more resilient in developing economies than in developed economies. Investment in South Asia, particularly in India, remained strong in 2023,” it added. “India is benefiting from growing interest from multinationals, which see the country as a key alternative manufacturing base in the context of developed economies' supply chain diversification strategies.”
Global inflation is also anticipated to decrease from 5.7 percent in 2023 to 4.5 percent in 2024. However, many nations continue to be under high pricing pressures, and any further escalation of geopolitical turmoil will make things worse. Yearly inflation is expected to surpass 10 percent to 25 percent in developing nations this year.
The year "2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all," UN Secretary-General Antonio Guterres said.
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