India To Maintain Economic Growth Velocity In 2024
India is likely to remain the fastest-growing major economy in the world in 2024, on the back of strong consumer demand leading to a pickup in investment across various sectors.
According to the Associated Chambers of Commerce & Industry of India (ASSOCHAM), the sectors which will attract investments are construction, hospitality and infrastructure including railways and aviation.
India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter.
The country’s gross domestic product (GDP) growth of 7.6 percent in the second quarter of fiscal 2024 beat most estimates, including 6.5 percent projected by the Reserve Bank of India (RBI).
“India’s macro picture looks quite convincing with the overall economy following a growth of 7 percent with critical building blocks combining for brighter prospects,’ ASSOCHAM Secretary General Deepak Sood said.
According to the industry body, India led by financials, construction, hotels, aviation, automobile and other manufacturing areas are on a strong pitch to further improve performance in the coming year.
The trajectory is being helped by the low crude oil prices, keeping inflation in check with a big positive on raw material cost.
“Sectors like construction and several related industries too have gained momentum. These include steel, cement, mining, electricity generation and consumer durables,’ the trade body added.
