Assocham predicted on Indian economy being the major economy with the fastest rate of growth in the world
Assocham stated on Thursday that India is expected to continue being the major economy with the fastest rate of growth in the world in 2024 due to strong consumer demand driving increasing investment in a variety of industries, including construction, hotels, and infrastructure, including railroads and aviation.
India continued to hold the title of being the major economy with the fastest rate of growth in the world, with its GDP growing at a faster-than-expected rate of 7.6% in the July–September quarter thanks to boosts from manufacturing and government expenditure.
The nation's 7.6% GDP growth exceeded most forecasts, including the Reserve Bank of India's (RBI) 6.5% prediction. According to official figures issued on Thursday, the growth compares to a 7.8% expansion in the previous quarter and 6.2% in the same period last year.
India's GDP growth from July to September exceeded China's 4.9% increase, while the Western economies are collapsing due to rising energy and interest rate costs.
Assocham Secretary General Deepak Sood stated that India's macro picture appears pretty persuasive, with the country's economy growing at a trend rate of 7% overall and key components coming together to give it better chances.
The industry association claims that India Inc. is well-positioned to continue improving performance in the upcoming year, with solid prospects from the financials, real estate, hotels, aviation, automotive, and other manufacturing sectors, including electronics. The low price of crude oil is supporting the trend and containing inflation by significantly lowering the cost of basic materials.
Construction and other related sectors have given rise to several associated enterprises. These include consumer durables, steel, cement, mining, and the production of power, according to Assocham.
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It predicted additional improvement in the macroeconomic indicators, which include the government balance sheet with robust tax receipts, record foreign exchange reserves, stability of the rupee against major currencies, and indications of an upsurge in merchandise exports.
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