New Delhi: The United Nations has revised upwards India’s growth projections for 2024. The World Economic Situation and Prospects released by the UN has showed this.
‘India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly,’ said the UN report.
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The 6.9 per cent economic growth projections for India in the mid-year update is an upward revision from the 6.2 per cent GDP forecast made by the UN in January this year. The UN World Economic Situation and Prospects (WESP) 2024 report that was launched in January had said that growth in India was projected to reach 6.2 per cent in 2024.
The projection in January for India’s GDP growth for 2025 remains unchanged at 6.6 per cent in the latest assessment of the economic situation.
The consumer price inflation in India is projected to decelerate from 5.6 per cent in 2023 to 4.5 per cent in 2024, staying within the RBI’s 2 to 6 per cent medium-term target range.
Earlier the International Monetary Fund (IMF) has revised India’s growth forecast for 2024-25. The IMF raised India’s GDP growth forecast to 6.8% from 6.5%. The World Economic Outlook released by IMF revealed this. The agency also revised upwards the growth figure for 2023-24 to 7.8% from 6.7% it had forecast in January. India’s own official estimates had pegged growth at 7.6%.
Earlier the Asian Development Bank (ADB) revised India’s GDP growth forecast for the current fiscal. ADB raised India’s GDP growth forecast to 7 per cent, from 6.7 per cent earlier. In its April edition of the Asian Development Outlook, ADB said India would remain ‘a major growth engine’ in the Asia and Pacific region. For the 2025-26 fiscal, ADB has projected India’s growth at 7.2 per cent. The growth estimates for the current fiscal is lower than 7.6 per cent estimated GDP expansion in 2022-23 fiscal. ADB in December last year projected the Indian economy to expand by 6.7 per cent in the 2024-25 fiscal.
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