UN Economic Report: 10 Points: India’s Large Economy Continues to Grow at the Fastest Rate

Delhi, New: According to the UN Department of Economic and Social Affairs’ 2024 study, “World Economic Situation and Prospects 2024,” India’s growth is expected to reach 6.2% in 2024, making it the largest economy expanding at the quickest rate.

This is your 10-point guide to this significant tale.
India’s growth is predicted to be 6.2% in 2024, which is a little less than the 6.3% predicted for 2023. According to the UN study, significant growth in the industrial and services sectors as well as strong domestic demand will sustain this year’s growth.
China faces challenges from a faltering real estate market, but the lack of private investment is being somewhat made up for by government-led infrastructure projects. In contrast, government infrastructure projects and foreign investments propelled India’s robust investment performance in 2023.
With the exception of India, all of the world’s major countries saw a decrease in the manufacturing Purchasing Managers’ Index in the third quarter of 2023. The index is a leading measure of economic activity.
Compared to industrialized nations, investment has proven more robust in emerging economies. In 2023, investment in South Asia, especially India, remained robust.
Multinational corporations are showing increasing interest in India as a viable alternative manufacturing site for their supply chain diversification initiatives in developed nations.
Several big emerging nations, including South Africa and India, that received significant capital inflows saw increases in the income shares of the top 10%.
Events linked to climate change continued to negatively affect the area in 2023. While Pakistan had above-average rainfall, the majority of India, Nepal, and Bangladesh experienced severe droughts in July and August.
August was one of the driest months in India in the last forty years, which hampered the production of important staple crops in the regions most affected.
Global gross domestic product (GDP) growth is anticipated to decrease from an expected 2.7% in 2023 to 2.4% in 2024 due to persistent risks and uncertainties.
Even if the worst-case scenario of a global economic crisis in 2023 was averted, a prolonged period of slow development still seems likely. Growth is expected to gradually pick up to 2.7% in 2025, although it will still be below the pre-pandemic average growth rate of 3%.