India to remain fastest growing major economy in 2024
India's resilience amid the challenging global landscape in 2023 is expected to position it as the leading major economy in terms of growth throughout 2024.
Fueled by increasing demand, stable inflation, consistent interest rates, and robust foreign reserves, India has demonstrated remarkable stability.
Despite prevailing uncertainties in developed nations and escalating geopolitical tensions, India displayed substantial economic expansion. The country achieved a GDP growth rate of 6.1% in the March quarter, followed by an escalation to 7.8% in the June quarter and sustained growth at 7.6% in the September quarter. The cumulative growth for the initial half of the fiscal year stood at 7.7%.
Projections indicate that India's growth trajectory is set to persist in the December quarter, positioning the nation as the fastest-growing major economy globally, surpassing even China.
The latest forecasts by the Organization for Economic Cooperation and Development (OECD), while appearing conservative, predict India to grow at 6.3% in 2023, outstripping China and Brazil at 5.2% and 3% growth, respectively. Looking ahead to 2024, the OECD anticipates India's growth rate to sustain at 6.1%, with China following at 4.7%.
In stark contrast, major economies such as the US, UK, and Japan are expected to either witness a slowdown or experience minimal increments in their economic growth rates in the upcoming year.
The International Monetary Fund's (IMF) World Economic Outlook foresees a global growth deceleration from 3.5% in 2022 to 3% in 2023, further tapering to 2.9% in 2024. Amid this scenario, India's consistent growth trajectory positions it as a standout performer on the global economic stage.
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