India continues to be the fastest growing major economy: Finance ministry
NEW DELHI: India continues to be the fastest-growing major economy, with positive assessments of the growth outlook for the current financial year for India by international organisations and the central bank, finance ministry said Thursday in its monthly economic review report.
“Factors such as strong domestic demand, rural demand pickup, robust investment, and sustained manufacturing momentum have contributed to India’s resilience. Projections by RBI and IMF forecast high growth rates for India, further reinforcing its positive outlook,” the ministry said.
In its April 2024 World Economic Outlook (WEO), the IMF increased its projection for India’s real GDP growth in FY24 to 7.8%, up from 6.7% in January 2024 and 6.3% in October 2023. According to the report, the global economy is gradually recovering, with diminishing recession concerns and improving growth in key economies.
