United Nations (UN)

• 17 May 2024

On 16th May, 2024, the United Nations revised India's growth projection for 2024 to 6.9%, driven by strong public investment and resilient private consumption.

• The UN's World Economic Situation and Prospects mid-2024 update forecasts India’s economy to expand by 6.9% in 2024 and 6.6% in 2025.
• This revision is an increase from the 6.2% GDP forecast made in January 2024.
• India's strong public investment and resilient private consumption are major drivers of this growth.
• Despite subdued external demand, pharmaceutical and chemical exports are expected to grow strongly.
• Consumer price inflation in India is projected to decelerate to 4.5% in 2024, within the central bank's target range.
• Labour market indicators in India have improved with higher labour force participation.
• South Asia’s economic outlook remains strong, supported by India's robust performance and slight recoveries in Pakistan and Sri Lanka.