India’s growth forecast for 2024 was increased by the International Monetary Fund (IMF) from 6.5% to 6.8%.
India continued to be the emerging market and developing economy with the fastest rate of growth.
The IMF projected India’s growth rate to be 6.5% for 2025.
Its growth expectations were supported by strong and stable domestic demand as well as an increasing number of people in working age.
According to the IMF’s most recent World Economic Outlook report, during the medium term, approximately two out of every three new workers worldwide would come from sub-Saharan Africa and India.
Over the previous 20 years, the Group of Twenty (G20)’s 10 emerging countries have continuously outperformed advanced economies in terms of economic growth.
Since 2000, the G20 emerging markets’ percentage of the global GDP has more than doubled.
The G20 emerging markets include Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, and Turkiye.
India’s official statistics show that during the October–December quarter of the fiscal year 2023–2024, the India grew by an 8.4%.
India’s GDP expanded by 7.8% and 7.6% in April-June and July-September in 2023–2024, respectively.
India’s GDP expanded by 7.2% in 2022–2023 and 8.7% in 2021–2022, respectively.
In general, the IMF projected 3.2% global growth in 2024 and 2025, respectively.
