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Date: 08/05/2024

India’s GDP to grow by 6.5 pc in 2024: UNCTAD

India’s GDP is projected to grow by 6.5 per cent in 2024, according to a report by the UN Trade and Development (UNCTAD) which noted that multinationals extending their manufacturing processes into the country to diversify their supply chains will have a positive impact on Indian exports. India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world. The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector which benefited from robust local demand for consumer services and firm external demand for the country’s business services exports. These factors are expected to continue to support growth in India in 2024. The increasing focus by multinationals on India as a manufacturing base, as they diversify their supply chains, also helps, said a report.
 
Source: Exim News Service: Geneva, May 7



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