According to the website of The Times of India on May 18th, the United Nations has raised India's GDP growth rate for 2024 from 6.2% to 6.9%, citing stable public investment and strong private consumption.
The United Nations report on the World Economic Situation and Prospects also states that although weak external demand will continue to affect the growth of commodity exports, exports of drugs and chemicals are expected to grow strongly.
In 2025, the Indian economy is expected to grow by 6.6%.
The report predicts that China's gross domestic product will grow by 4.8% in 2024 and 4.5% in the following year; India will become the fastest-growing major economy.
After the rapid growth of 8.4% in the fourth quarter of the fiscal year 2023-2024, many institutions have raised India's economic growth rate for this fiscal year, and the United Nations is the latest to join. The International Monetary Fund has raised India's GDP growth rate to 6.8%, calling it a highlight in the challenging global economy.
The Reserve Bank of India estimates that the gross domestic product will grow by 7% from fiscal year 2024 to 2025; The Indian government predicts a range of 7% to 7.5%.
The United Nations report states that several large developing economies (Indonesia, India, and Mexico) are benefiting from strong domestic and international demand. The report also states that against the backdrop of strong growth and increased labor force participation, India's labor market indicators have also improved.
