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Seeing the continuously increasing graph of India's overall economic development, the United Nations has praised India's economy. The United Nations has estimated India's economic growth rate to be around 7 percent this year. The United Nations has said that India has achieved very rapid and impressively high economic growth rates. India has now become a preferred country for many western investment companies over China. While there is less foreign investment in China, foreign investors are struggling to invest in India.
Hamid Rashid, head of the United Nations Department of Economic and Social Affairs (UN DESA), has said that more investment is coming into India from western countries and India is benefiting from it. The inflow of foreign investment into China is decreasing as investors have lost confidence in Chinese companies.
Increase private sector consumption along with public investment
Giving information about the mid-year update on the world economic situation and future prospects for 2024, Hamid Rashid said that India's growth rate projection for this year i.e. 2024 has been revised by the United Nations. This year India can achieve economic growth of about 7 percent. India's economic growth is estimated to be 6.9 percent in 2024 and 6.6 percent in 2025. Earlier, the United Nations had estimated India's growth rate to be 6.2 percent for 2024. Especially in India, public investment is growing and strengthening. Apart from this, consumption in the private sector has also increased. Export of merchandise is increasing. There has been a significant increase in the export of medicines and chemicals.
significant decline in inflation
Regarding India's economic growth outlook, Rashid said that the driving force behind India's sustained high economic growth is very simple and straightforward. Inflation is decreasing in India. Unlike other countries, there is no internal or external pressure on the financial situation here. Financial and fiscal support is being provided to promote economic growth.
China has lagged behind in GDP growth
UN said that China is lagging behind in GDP growth. This year China's growth rate is expected to be 4.8 percent. China's growth rate is likely to decline from 5.2 percent in 2023 to 4.8 percent in 2024. If this happens, it will be a big blow to China's economy.