The UN research projects the Indian economy to expand by 6.7% in the calendar year 2024, buoyed by strong domestic demand. However, rising interest rates and lower global demand are predicted to continue to hamper investment and exports this year.
The world’s largest economy, India, is anticipated to grow by 5.8% in 2023 and 6.7% in 2024 (on a calendar-year basis), according to the World Economic Situation and Prospects as of Mid-2023, which was published on Tuesday. A strong domestic demand environment will be the driving force behind this growth.
India’s GDP is expected to decelerate to 5.8% in 2023 as higher interest rates and the global economic recession weigh on investment and exports, according to the country’s annual report released in January.
Even if the outlook for other South Asian countries is “more challenging,” India’s economic development is anticipated to remain “strong.” According to the flagship study, India is expected to grow at a rate of 6.7% in 2024, making it the world’s fastest-growing major economy.
Several analysts claim that the recent G20 meetings have gained attention since December 2022, when India assumed the presidential position of the same, as the trend of emerging economies turns more toward Asia.
Given that India is the world’s largest democracy and has a developing economy, its G20 presidency is crucial for advancing the remarkable successes of the previous 17 presidencies. Each year, the G20 meets under a rotating president. Vasudhaiva Kutumbakkam, which translates to “The World is One (my) Family,” serves as the slogan of the G20 summit.
