New Delhi: India is poised to maintain its position as the fastest-growing major economy in 2024, as to the International Monetary Fund’s (IMF) latest World Economic Outlook. The IMF has revised India’s growth projections upwards, increasing it from 6.5% to 6.8% for the year 2024.
For 2025, the IMF has kept India’s growth rate projection at 6.5 per cent. It attributed robustness and strength in domestic demand and a rising working-age population behind its growth projections.
The report said that China is expected to grow at 4.6 per cent this year and 4.1 per cent in 2025.Economic growth in the 10 emerging markets of the Group of Twenty (G20) has consistently outperformed that of advanced economies over the past two decades.
As their share of world GDP has more than doubled since 2000, Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, and Türkiye (G20 emerging markets) have continued to integrate into the global economy—notably through trade and global value chains.
According to India’s official data, the country grew at a massive 8.4 per cent during the October-December quarter of the financial year 2023-24 and the country continued to remain the fastest-growing major economy. The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters – April-June and July-September. India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.
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