India's Economic Growth Outlook Remains Stable Amid Global Uncertainties
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Infographic depicting India's stable economic growth amid global uncertainties
News in Brief
Despite global uncertainties, India's GDP growth for the fiscal year 2024-25 is projected to remain within the 6-7% range. Major institutions, including FICCI, IMF, and OECD, have maintained or slightly adjusted their forecasts, reflecting confidence in India's economic resilience. Key factors contributing to this stability include robust domestic consumption, increased government infrastructure spending, and a strong services sector. However, challenges such as urban employment declines and potential global trade disruptions persist.
India's economic growth outlook remains stable, with GDP projections for the fiscal year 2024-25 expected to be within the 6-7% range, according to a recent report by the Boston Consulting Group (BCG). This stability is attributed to strong domestic consumption, government infrastructure investments, and a thriving services sector. Major institutions have shown confidence in India's economic resilience:
- FICCI: Maintained its GDP growth forecast at 6.4%.
- IMF: Kept its estimate unchanged at 6.5%.
- Nomura: Slightly lowered its projection to 6.0%.
Despite these positive indicators, challenges persist. Urban employment has seen a decline, while rural employment experienced a modest increase. Additionally, potential global trade disruptions pose risks to the economic recovery. Nonetheless, surges in GST collections and a record-high services trade surplus underscore the economy's resilience.
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