According to a UN report, India’s economy is projected to expand by 6.7% in calendar year 2024, supported by resilient domestic demand.
Growth Will Be Fueled By Domestic Demand Environment
It is noted rising interest rates and weaker global demand are predicted to continue to hamper investment and exports this year.
India is anticipated to grow by 5.8% in 2023 and 6.7% in 2024, according to the World Economic Situation and Prospects as of Mid-2023. The growth will be fueled by a strong domestic demand environment.
The rate of inflation is predicted to fall to 5.5% in 2023 since commodity prices globally stabilise and imported inflation is reduced by a slower currency depreciation.
The projections for India’s economic development were the same as those made in the World Economic Situation and Prospects 2023 report.
”The current global economic outlook presents an immediate challenge to delivering on the SDGs,” said UN Under-Secretary-General for Economic and Social Affairs, Li Junhua.
