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United Nations: India's growth rate for the year 2024 has been revised by the United Nations to 6.9% instead of 6.2%. The main reason for this is the increasing investment in public and private sector. The United Nations' 'The World Economic Situation Edge of Lead – 2024' said on Thursday that the reason for that increased capital investment is the increased production (consumption) of the people. The report says this rate is likely to drop slightly to 6.6% in 2025. Explaining the reason for this in the report, it has been said that actually people's withdrawal (consumption) has increased, hence capital investment has increased in the public sector as well as in the private sector. Features: Exports of pharmaceuticals and chemicals are increasing hence there is tremendous growth in those sectors.
In fact, in January this year, the UN had estimated its GDP growth rate to be 6.2 percent. In January 2024, when the United Nations World Economic Situation and Prospects (WESP) 2024 report was released, India's growth rate was estimated at 6.2 percent. Was done. But later due to increase in 'public demand' there was an increase in production in the public sector as well as in the 'service sector'.
According to the latest estimates, India's GDP is likely to be 6.6 percent in 2025. Regarding the inflation rate, the report said it is expected to decline from 5.6% in 2023 to 4.5% in 2024, which is in line with the Central Bank (Reserve Bank)'s medium-term target range of between 2 to 6%.
In this UN report, it has been said about other South Asian countries that the growth rate in some of them is decreasing from 2023 and it will decrease further in 2024. In Maldives it declined by 2.2 percent, while in Iran its growth rate declined by 33.5 percent, which continued to decline after some reforms. Food prices have increased in India and Bangladesh in the first 3 months of 2024.
However, India's labor market (labor pool) has increased. The growth rate is also increasing due to the contribution of the working class.
Efforts of the Government of India to reduce revenue deficit and increase investment are ongoing. The report further said that the economic outlook of South Asia remains strong. India's strong growth and recovery even in Pakistan and Sri Lanka. Asia's average growth rate in January is likely to be 5.8 percent. 2024 is higher than the projected growth rate. However, external uncertainties will have an impact on that growth rate. Even though the global economy is projected to grow at 2.7 percent in 2024 (3 percent more than the January estimate) and 2.8 percent in 2025 (0.1 percent more than the projected rate), sea levels at night could be affected, the report suggests.