Indian economy outperforming peers; projected to grow at 6.2% in 2024: United Nations
The Hindu
“India is projected to grow at 6.2% in 2024, supported by robust domestic demand and strong growth in the manufacturing and services sectors,” the United Nations has said. The UN World Economic Situation and Prospects (WESP) 2024 report, launched on January 4, said that gross domestic product in South Asia is projected to increase by 5.2% in 2024, driven by a robust expansion in India.
“India is projected to grow at 6.2% in 2024, supported by robust domestic demand and strong growth in the manufacturing and services sectors,” the United Nations has said.
The UN World Economic Situation and Prospects (WESP) 2024 report, launched on January 4, said that gross domestic product in South Asia is projected to increase by 5.2% in 2024, driven by a robust expansion in India, which remains the fastest-growing large economy in the world.
“Growth in India is projected to reach 6.2% in 2024, slightly lower than the 6.3% estimate for 2023, amid robust domestic demand and strong growth in the manufacturing and services sectors,” the report said.
India’s GDP is projected to increase to 6.6% in 2025. The report notes that economic growth in India is projected to remain “strong” at 6.2% this year mainly supported by resilient private consumption and strong public investment.
“While manufacturing and services sectors will continue to support the economy, erratic rainfall patterns will likely dampen agricultural output,” it said.
“Indian economy again outperformed its peers, not just this year but the last few years,” Chief of the Global Eonomic Division Monitoring Branch, Economic Analysis and Policy Division (UN DESA) Hamid Rashid told reporters.
He said that India’s economic growth has consistently remained more than six per cent and “we believe this will continue in 2024 and 2025 as well.” Mr. Rashid noted that although inflation was relatively high for India, it didn't have to raise rates as much and inflation has come down quite a bit.
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