the growth rate of Indian economy
will be 6.9 percent in the year 2024.
According to the United Nations'
World Economic Situation and
Prospects (WESP) report, India's
economy is projected to grow by
6.9% in the year 2024. This is an
increase from the first estimate of
6.2% made in January.
The report also predicts a growth
rate of 6.6% for 2025, unchanged
from the previous forecast. This
optimistic outlook highlights
India's role in enhancing the
overall economic performance of
South Asia.
The country's government
continues its commitment to
reduce fiscal deficit by increasing
capital investment. The UN report
notes a slowdown in consumer
price inflation from 5.6% in 2023 to
4.5% in 2024. This expected
reduction is in line with the
Reserve Bank of India (RBI) target
range of 2-6%.
Moody's Ratings has pegged
India's economic growth at 6.6%
for the current financial year. RBI
has estimated a growth rate of 7%
for the current financial year.
Similarly, S&P Global Ratings and
Morgan Stanley have projected a
growth rate of 6.8% and Asian
Development Bank (ADB) and Fitch
Ratings both have projected a
growth rate of 7%.
Other Facts
The report also highlighted
economic growth in South Asia.
Regional GDP is now expected to
grow 5.8% in 2024, up from previous
projections of 5.2%, and 5.7% in
2025.
Globally, the economy is projected
to grow 2.7% in 2024, an increase of
0.3 percentage points from the
January forecast. For 2025, global
growth is expected to be 2.8%, an
increase of 0.1 percentage point.
The U.S. economy is projected to
grow 2.3% in 2024, an increase of
0.9 percentage points. China's
growth rate was also revised
upward, with a new forecast of
4.8% in 2024, up from 4.7% in
January.
