Indian economic expansion supported by continued strong investment, consumption and services exports says UNCTAD

Indian economy is expected to record a growth of 6.8% in 2024 and will clock an expansion of 6.3% next year, UN Trade and Development (UNCTAD) noted in its latest Trade and Development Report 2024. Current expansion is supported by continued strong public and private investment and consumption as well as rising exports of services. Despite the latter, along with increased exports of certain goods, such as chemicals and pharmaceuticals, the structural current account deficit in India will persist, owing to relatively weaker external demand and high fossil energy import bills. As the worlds most populous country and third-largest energy consumer, India is simultaneously expanding its domestic non-fossil and fossil fuel energy supply to support growing economic output. As inflation is expected to decline to 4 per cent by the end of the year, the Reserve Bank of India may initiate monetary easing and trim its repurchase rate, it noted. The organization had projected growth at 7.7% in last year. Talking about recent year, it noted that The GDP growth of India appears stable at 6%, with an accompanying inflation rate of 4%.

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