India’s growth rate is estimated to be 6.2 percent in the year 2024: UN Report – Dainik Savera Times

New Delhi: Keeping in mind the strong domestic demand as well as rapid growth in manufacturing and service sectors, the United Nations World Economic Situation and Prospects report has estimated India’s growth rate to be 6.2 percent in 2024. In last year’s report, India’s growth rate was said to be 6.3 percent in 2023. It said economic growth in South Asia is projected to remain strong at 5.2 percent in 2024, although this is slightly lower than the projected rate of 5.3 percent in 2023.

This has been attributed to the tremendous expansion in India, which is the fastest growing economy in the world. The report said that the challenges facing the East and South Asian economies are increasing. A slowdown in external demand, tightening of financing conditions and the risk of persistent debt service defaults could weigh heavily on the region’s economic prospects and sustainable development. It has been estimated that due to tightening of financial conditions, shortage of fiscal resources and slowdown in foreign demand, economic growth is slowing down in the countries of East and South Asia.

The major economic report of the United Nations has presented a disappointing picture of the economic situation for the near future. Persistently high interest rates, geopolitical tensions, a slowdown in international trade and looming climate disasters pose significant challenges to global growth. The world economic growth rate is said to slow down from the estimated 2.7 percent in 2023 to 2.4 percent in 2024, which is lower than the 3 percent growth rate before the global pandemic.

It says prolonged credit constraints and high borrowing costs do not bode well for a debt-ridden world economy that needs to revive growth, combat climate change and accelerate progress towards the Sustainable Development Goals. Growing requires more investment than ever before.

According to UN Secretary-General Antonio Guterres, “We have to get out of this web in 2024. Through bold, large-scale investment, we can afford sustainable development and climate action and put the global economy on a path to strong growth that benefits everyone. “We need to build on last year’s progress toward a Sustainable Development Goals stimulus package of at least $500 billion annually in affordable, long-term financing to invest in sustainable development and climate action.”