The International Monetary Fund elevates India’s GDP projection to 6.8% for the year 2024
On Tuesday, the International Monetary Fund elevated India’s growth forecast to 6.8 percent from its previous January estimation of 6.5 percent, attributing this adjustment to bullish domestic demand dynamics and a burgeoning working-age populace.
Thus, India persistently maintains its stature as the world’s swiftest advancing economy, outpacing China’s growth projection of 4.6 percent for the same period.
The latest issue of the World Economic Outlook, issued by the IMF, articulates, “The trajectory of growth in India is anticipated to remain robust, standing at 6.8 percent in 2024 and 6.5 percent in 2025, driven by the enduring vigor in domestic demand and the burgeoning working-age cohort.”
Concurrently, growth in emerging and developing Asia is anticipated to decline from an estimated 5.6 percent in 2023 to 5.2 percent in 2024 and further to 4.9 percent in 2025, representing a marginal upward adjustment compared to the January 2024 WEO Update.
In its January update, the IMF had envisaged a 6.5 percent growth rate for India in 2024.
Global economic growth, pegged at 3.2 percent in 2023, is projected to persist at this pace throughout 2024 and 2025.
