India will remain the fastest growing major economy.
A World Bank report released on Tuesday said the Indian economy is expected to grow at 7 per cent in the current fiscal year due to improvement in the agricultural sector and rural demand. The report said India’s growth rate remains strong despite the challenging global environment. The World Bank said in the India Development Update that India, which accounts for a large share of the South Asia region, is expected to grow at a strong 7 per cent in the financial year 2024-25. According to PTI news, it said that improvements in agriculture will partially offset the slight slowdown in industry, adding that services will remain strong. Rural private consumption will improve due to expected improvement in agriculture.
will remain the fastest growing major economy
The World Bank had earlier said in June that India will remain the fastest growing major economy, registering a stable growth of 6.7 percent in the next three years including the current financial year. While regarding the growth of the world economy, it was said that global growth is projected to remain stable at 2.6 percent in 2024, which will increase to an average of 2.7 percent in 2025-26. This is much lower than the average of 3.1 percent in the decade before Kovid-19.
Moody’s has made this estimate
Moody’s Ratings recently raised its forecast for India’s GDP growth for calendar years 2024 and 2025 to 7.2 per cent and 6.6 per cent, respectively. The rating agency said growth could be higher if cyclical momentum, especially for private consumption, gains more momentum. As per the projections, India’s GDP growth will be 7.2 per cent in 2024, up from 6.8 per cent earlier. In 2025, growth is projected at 6.6 per cent, while our previous forecast was 6.4 per cent.
The Economic Survey 2023-24 presented in Parliament in July said that India’s GDP is likely to grow at a rate of 6.5 to 7 percent in the current financial year amid global challenges, which may impact exports. The projected growth for the financial year 2024-25 is lower than the economic growth rate of 8.2 percent estimated for the previous financial year.
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