India to be one of the rising stars in Asia: Nomura

The UN projects India's economy to grow at 6.2% in 2024, citing robust domestic demand and sectoral growth. Despite a slight downward revision, the forecast underscores resilience, supported by government spending and supply chain diversification.

Top 10 fastest growing major economies 2024: Which are the top 10 fastest growing major economies in the world? This is one ranking in which India beats the United States of America and China! For the purpose of arriving at the list of the fastest growing major economies for 2024, EY has short-listed the world’s top 25 largest economies in the world by nominal GDP size. These economies have then been ranked in terms of the highest GDP growth rate for 2024 as projected by the International Monetary Fund (IMF) in its latest World Economic Outlook. We take a look at the top 10 fastest growing major economies in the world for 2024: (AI image)

India's real GDP growth will moderate to 6.5 per cent in FY25, mainly due to global headwinds, Axis Bank's chief economist Neelkanth Mishra said on Monday. India's GDP is 7 per cent lower than what it would have been if the pre-pandemic GDP growth trend had continued, Mishra added. It can be noted that last Friday, the Reserve Bank sharply upped its FY24 growth estimate to 7 per cent from the earlier 6.5 per cent. Mishra also pegged the FY24 growth at 7 per cent with upside risks.

A Moody's report has predicted that India's GDP in 2024 may see a rise of 0.7 percent, according to early forecasts of the economy.

"India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8% from 6.1%. India i

The UN predicts India's growth at 6.2% in 2024, driven by strong demand and sectors like manufacturing and services. Despite potential challenges like erratic rainfall affecting agriculture, India's economy remains robust with consistent growth. Factors like stable inflation and government support contribute to this optimism. However, risks like climate change's impact on agriculture and potential inflation surge exist. Globally, economic growth may slow to 2.4% in 2024 due to various challenges, requiring substantial investments for sustainable development and climate action.

Addressing the media after the release of GDP data, Nageswaran also highlighted that tax revenue has grown at almost double the pace of nominal GDP expansion in the first half of FY24, which is unusual. This, he said, is prompting him to wonder if the nominal growth rate has been understated. It's certainly not overstated, as is the perception in certain quarters, he asserted.

Reserve Bank Governor Shaktikanta Das has emphasized the importance of stable and low inflation for sustainable economic growth. He highlighted that India has successfully navigated through multiple challenges and emerged as the fastest-growing large economy. The Reserve Bank projects India's economy to grow by 7.0% during 2024-25, marking the fourth consecutive year of growth at or above 7%.

Limited economic liberalization and slower policy implementation pose threats to the country's investment landscape, according to the report

IMF’s “Regional Economic Outlook - Asia and Pacific” report said Asia-Pacific would contribute around 70% of global growth in 2023. India and China, the two largest emerging market economies of the region, are expected to contribute around half of global growth.