India likely to remain fastest growing major economy in 2024: Assocham

India is poised to sustain its status as the world's fastest-growing major economy in 2024, driven by robust consumer demand fostering increased investments across diverse sectors, including construction, hospitality, and critical infrastructure such as railways and aviation, as indicated by a statement from the Associated Chambers of Commerce and Industry of India (Assocham) on Thursday.

India has retained its distinction as the fastest-growing major economy, with a noteworthy Gross Domestic Product (GDP) expansion of 7.6% in the H1 (April-September) period of 2022-23. This outpaced expectations and exceeded the Reserve Bank of India's (RBI) projection of 6.5%. The growth, reported in official data released on Thursday, represents a substantial improvement over the 6.2% recorded in the corresponding quarter of the previous year and the 7.8% expansion in the preceding quarter. Notably, India's GDP growth has surpassed that of China, which recorded a 4.9% rise in the July-September quarter. Meanwhile, Western economies continue to grapple with challenges arising from elevated interest rates and soaring energy prices.

Commenting on the robust economic performance, Assocham Secretary General Mr. Deepak Sood remarked, India's macroeconomic landscape presents a compelling picture, with the overall economy exhibiting a trend growth of 7%, supported by pivotal elements that bode well for its prospects.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.