Indian economy will grow rapidly in 2024, will be the best in Asia, claims in United Nations report
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United Nations . According to the United Nations, India’s growth rate is estimated to be 6.2 percent in 2024 due to strong domestic demand and strength in manufacturing and service sectors. The United Nations World Economic Situation and Prospects (WESP) 2024 report was released on Thursday. It said that South Asia’s gross domestic product (GDP) is estimated to grow by 5.2 percent in 2024. This will contribute significantly to the strong expansion in India, which remains the fastest growing economy in the world.
“Growth in India is projected to reach 6.2 percent in 2024, slightly lower than the projection of 6.3 percent in 2023, amid strong domestic demand and robust growth in the manufacturing and services sectors,” the report said. According to this, India’s GDP is expected to increase to 6.6 percent in 2025. Economic growth in India is projected to be “strong” at 6.2 percent this year, mainly supported by strong private consumption and robust public investment.
“The Indian economy has outperformed its counterparts not only this year but in the last few years,” Hamid Rashid, head of the Global Economic Division monitoring arm, Economic Analysis and Policy Division (UN DESA), told reporters. That India’s economic growth has consistently remained above six percent and “we believe this will continue in 2024 and 2025 as well.” Along with this, the report said that on the basis of government infrastructure projects and multinational investments, India Investment remained strong in the US in 2023, while investment in China was affected due to adverse conditions in the property sector. According to the report, investment in developing economies has been stronger than in developed economies. Investment in South Asia, especially India, remained strong in 2023.
“Investment prospects in China were hit by headwinds from the property sector, although government investment in infrastructure is partly offsetting the decline in private investment,” the report said. In contrast, investment in India remained strong in 2023 on the back of government infrastructure projects and multinational investments.” The report also underlined that climate-change-related events continue to harm the South Asian region in 2023. Drought extended into July and August, affecting most parts of India, Nepal and Bangladesh, while above-average rainfall caused problems in Pakistan. These disasters are likely to have the most serious impact in countries where agriculture accounts for the largest share of GDP.
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