In a recent report by the United Nations Conference on Trade and Development (UNCTAD), India’s economy is forecasted to grow at a rate of 6.5 percent in 2024. This projection follows a growth of 6.7 percent in 2023, indicating a continued upward trend. The report highlights India’s position as the fastest-growing major economy globally.

According to the UNCTAD report, multinational companies are expanding their manufacturing operations in India to enhance their supply chain diversification. This move is expected to bolster Indian exports, contributing positively to economic growth. The growth observed in 2023 was attributed to robust public capital investment and expansion in the service sector.

Several other institutions, including the International Monetary Fund (IMF), Moody’s, and the Asian Development Bank (ADB), have also revised their estimates for India’s economic growth upwards for the calendar year 2024. However, the Reserve Bank of India (RBI) has set a slightly higher estimate, projecting a 7 percent growth rate for the current financial year 2024-25.

(Inputs from HS)