The United Nations Trade and Development (UNCTAD) said in its report released on Tuesday that India is expected to grow at a rate of 6.7 percent in 2023 and 6.5 percent in 2024. It will remain the fastest growing major economy in the world.
Every agency of the world is taking responsibility for the economic growth of the world. A day earlier, the International Monetary Fund had estimated India’s economic growth and said that India’s economy will remain the fastest economy in the world. A similar estimate has also been made in the United Nations report. This estimate is for the year 2024. On the other hand, India’s growth rate for the third quarter was better than all estimates. In the third quarter the growth figure had reached above 8 percent. Let us also tell you how much the United Nations has estimated at present.
How much growth can there be?
India’s economy is expected to grow by 6.5 percent in 2024. This was said in a United Nations report. The report said that multi-national companies are expanding their manufacturing processes in the country to diversify their supply chains, which will have a positive impact on Indian exports. The United Nations Trade and Development (UNCTAD) said in its report released on Tuesday that India is expected to grow at a rate of 6.7 percent in 2023 and 6.5 percent in 2024. It will remain the fastest growing major economy in the world.
Benefited from strong demand
The report said the expansion in 2023 was driven by strong public investment outlay as well as the vibrancy of the services sector. It benefited from strong local demand for consumer services and strong external demand for the country’s business services exports. The report also noted multinational companies increasingly turning to India as a manufacturing base as they diversify their supply chains.
Benefit from investment by foreign companies
The 2024 Financing for Sustainable Development report: Financing for Development at a Crossroads, presented at the world body last week, said that investment in South Asia, especially India, remains strong. India is directly benefiting from the increasing interest of multinational companies in this. In the context of China, it was said that they see India as an alternative manufacturing base in the context of supply chain diversification strategies of developed economies.