India will be Fastest Growing Economy in 2024

India will be Fastest Growing Economy in 2024

India will be Fastest Growing Economy in 2024: The estimated growth of Gross Domestic Product (GDP) was 6.5 percent but India managed to achieve the unbelievable target of 7.6 percent of GDP growth in the quarter of July-September, beating China’s GDP growth rate of 4.9 percent.

India is likely to remain the fastest-growing economy in the year 2024 it may surpass the target of 8 percent. India’s consumer demand leading to a pickup, in investments like railways, Construction, Hospitality, and Aviation will help India to retain its tag of fastest growing economy in 2024.

In 2023, July-September India’s GDP increased with a rate of 7.6 percent and it was expected to increase at a rate of 6.5 percent.

The Reserve Bank Of India (RBI) estimated the GDP growth would be 6.2 percent but the growth rate came out to be 7.6 percent and surprised everyone.

India’s GDP rate is increasing while that of Western countries’ economies is slowing down under high-interest rates and energy prices.

India’s overall economy is doing well, growing at a steady rate of seven percent. Which is good for the Indian economy. The important thing is that Important factors that can help India to grow more are coming together, making the future look even better. Associate Secretary General Deepak Sood Said.

“Sectors Like construction have several related industries which have also progressed. These include Steel, Cement, Mining, Electricity generation, and consumer durables” Assocham said

India will be Fastest Growing Economy in 2024

Estimations are that, Foreign Exchange Reserves, macroeconomic factors like Government balance sheet stability of the Rupee, and merchandise exports are expected to be more improve in the forthcoming time.

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