Sunday, April 21, 2024

Indian economy | Good news! Indian economy to grow at 7.5 percent in 2024; World Bank Estimate | leader

Leaders Online: The Indian economy is strong and is expected to grow by 7.5 percent in 2024, according to the World Bank. Also, the World Bank has credited India with the major growth in the South Asian economy. Prospects in South Asia have become brighter in the short term. But there are still some concerns noted. (Indian economy)

“In India, where regions account for a large share of the economy, output growth is expected to reach 7.5 percent in FY2023-24, and turnover in services and industry is expected to remain strong before the economy settles to 6.6 percent over the medium term.” This has been mentioned by the World Bank in its report.

“In India, output growth in FY2023-24 is estimated to pick up to 7.5 percent on the back of strong growth in the third quarter of FY2023-2024. The growth rate is likely to moderate to 6.6 percent in FY 2024-25. But the pace of development will increase in subsequent years. Because a decade of strong public investment has delivered growth benefits. Growth is likely to decelerate between 2023-2024 and 2024-25. It primarily reflects the decline in investment from its elevated pace in the previous year. Growth in services and industry is likely to remain strong. A strong turnover in the construction and real estate sectors will help the economy. Inflationary pressures are expected to ease, giving room for more policy to ease economic conditions. In the medium term, the fiscal deficit and government debt are projected to decrease due to strong output growth and consolidation efforts by the central government.” This is stated in the World Bank report.

Improvement in economy in China, Sri Lanka

According to the World Bank in its report, South Asia as a whole is expected to grow by 6.0-6.1 percent in 2024. This growth is due to improving economies in Pakistan and Sri Lanka and strong growth in India.

'El Nino' ​​hit, increase in food grain inflation

Inflation in India has remained within the Reserve Bank of India's target range of 2-6 percent since mid-2023, the report said. The repo rate in India has remained unchanged since February 2023. But food prices have increased. Due to El Nino conditions, rainfall decreased and agricultural production declined to some extent. The World Bank has said that as a result food prices have increased.

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