India is anticipated to maintain its position as the world’s fastest-growing major economy in 2024, buoyed by strong consumer demand driving increased investments across various sectors. The Associated Chambers of Commerce and Industry of India (Assocham) highlighted this trend, emphasizing growth in construction, hospitality, and critical infrastructure like railways and aviation.
The country has sustained its status as the fastest-growing major economy, with an impressive 7.6% GDP expansion in the first half (April-September) of 2022-23. This surpasses expectations and exceeds the Reserve Bank of India’s projection of 6.5%. Official data released on Thursday indicates significant improvement compared to the previous year’s corresponding quarter (6.2%) and the preceding quarter (7.8%). Notably, India’s GDP growth has outpaced China, which reported a 4.9% rise in the July-September quarter, while Western economies grapple with challenges stemming from elevated interest rates and soaring energy prices.
Reflecting on this robust economic performance, Assocham Secretary General Mr. Deepak Sood commented that India’s macroeconomic landscape presents a compelling picture, with an overall trend growth of 7%. Supported by pivotal factors, the nation’s prospects look promising.
