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United Nations Updates Projections, Predicts India’s Economy Will Expand by 6.9% in 2024 | India News

The United Nations has recently revised its earlier projections for India’s economy, stating that it is expected to grow by 6.9% in 2024 and 6.6% in 2025. This growth will be primarily driven by strong public investment and resilient private consumption. The report, which was released on Thursday, also highlighted that India’s economic expansion will be supported by significant growth in pharmaceuticals and chemicals exports.

One of the key findings of the report was that consumer price inflation in India is projected to decrease from 5.6% in 2023 to 4.5% in 2024, remaining within the central bank’s target range of two to six percent. Other South Asian countries are also expected to see declines in inflation rates in 2024. Despite some moderation, food prices in India and Bangladesh remained high in the first quarter of 2024.

India’s labour market indicators have shown improvement, supported by strong growth and increased labour force participation. The government is working towards gradually reducing the fiscal deficit while aiming to increase capital investment. A UN expert described India’s economic growth as ‘very robust’ and noted that the country is attracting more foreign investment as Western companies shift their focus away from China.

The expert also mentioned that India has become an alternative investment destination for many western companies, as foreign investment in China decreases. This shift is benefiting India and contributing to its economic growth by providing new opportunities for businesses to expand their operations and reach new markets.

By Samantha Jones

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