+
Indian Economy Projected to Grow 7.5%
ECONOMY & POLICY

Indian Economy Projected to Grow 7.5%

According to the latest projections by the World Bank, the Indian economy is set to experience a significant expansion, with a forecasted growth rate of 7.5% in 2024. This forecast reflects a promising trajectory for India's economic landscape, indicating resilience and potential amidst global uncertainties. The projected growth comes on the heels of various policy reforms and economic stimulus measures implemented by the Indian government to bolster growth and attract investments.

The World Bank's optimistic outlook for India's economy underscores the country's resilience and capacity to rebound from the challenges posed by the Covid-19 pandemic. Despite facing headwinds such as supply chain disruptions and inflationary pressures, India's economic fundamentals remain robust, supported by a large consumer base, a vibrant entrepreneurial ecosystem, and ongoing infrastructure developments.

Key sectors expected to drive India's economic growth include information technology, manufacturing, agriculture, and services. The information technology sector, in particular, continues to thrive, propelled by digital transformation initiatives and increased demand for software services globally. Additionally, the manufacturing sector is poised for expansion, fueled by government initiatives such as Make in India and efforts to enhance the ease of doing business.

Moreover, the agriculture sector, which employs a significant portion of India's workforce, is witnessing modernization efforts aimed at improving productivity and sustainability. The implementation of reforms in agricultural marketing and infrastructure is expected to unlock the sector's growth potential and contribute to overall economic development.

India's service sector, encompassing industries such as finance, healthcare, and hospitality, is also anticipated to play a pivotal role in driving economic expansion. With increasing urbanization and rising disposable incomes, demand for services is expected to surge, providing ample opportunities for investment and job creation.

Overall, the World Bank's forecast of a 7.5% growth rate for the Indian economy in 2024 reflects confidence in India's economic prospects and underscores the country's resilience amid global challenges. Continued policy support, investment inflows, and structural reforms will be crucial in sustaining this momentum and fostering inclusive growth across sectors.

According to the latest projections by the World Bank, the Indian economy is set to experience a significant expansion, with a forecasted growth rate of 7.5% in 2024. This forecast reflects a promising trajectory for India's economic landscape, indicating resilience and potential amidst global uncertainties. The projected growth comes on the heels of various policy reforms and economic stimulus measures implemented by the Indian government to bolster growth and attract investments. The World Bank's optimistic outlook for India's economy underscores the country's resilience and capacity to rebound from the challenges posed by the Covid-19 pandemic. Despite facing headwinds such as supply chain disruptions and inflationary pressures, India's economic fundamentals remain robust, supported by a large consumer base, a vibrant entrepreneurial ecosystem, and ongoing infrastructure developments. Key sectors expected to drive India's economic growth include information technology, manufacturing, agriculture, and services. The information technology sector, in particular, continues to thrive, propelled by digital transformation initiatives and increased demand for software services globally. Additionally, the manufacturing sector is poised for expansion, fueled by government initiatives such as Make in India and efforts to enhance the ease of doing business. Moreover, the agriculture sector, which employs a significant portion of India's workforce, is witnessing modernization efforts aimed at improving productivity and sustainability. The implementation of reforms in agricultural marketing and infrastructure is expected to unlock the sector's growth potential and contribute to overall economic development. India's service sector, encompassing industries such as finance, healthcare, and hospitality, is also anticipated to play a pivotal role in driving economic expansion. With increasing urbanization and rising disposable incomes, demand for services is expected to surge, providing ample opportunities for investment and job creation. Overall, the World Bank's forecast of a 7.5% growth rate for the Indian economy in 2024 reflects confidence in India's economic prospects and underscores the country's resilience amid global challenges. Continued policy support, investment inflows, and structural reforms will be crucial in sustaining this momentum and fostering inclusive growth across sectors.

Next Story
Infrastructure Urban

CJ Logistics’ Global CEO visits India to align growth strategy

Jonathan Song, newly appointed CEO of the Global Business Division at South Korea-based CJ Logistics, concluded a strategic three-day visit to India from July 29 to 31, reinforcing the company’s long-term commitment to the market through its subsidiary, CJ Darcl Logistics Ltd. Mr Song held high-level discussions with the CJ Darcl leadership and key customers to understand India’s evolving logistics needs, identify synergy areas, and enhance business alignment. His visit highlighted the strategic significance of India in CJ Logistics’ global network, especially amid the country’s g..

Next Story
Real Estate

Max Towers secures five star rating in safety audit by British Council

Max Estates, a leading NCR-based real estate developer, has achieved a five star rating in its first attempt at the British Safety Council’s ‘Five Star Occupational Health and Safety’ Audit for Max Towers, its premium commercial office project in Noida. The grading reflects the organisation’s commitment to the continual improvement of its occupational health and safety systems. The comprehensive audit covered documentation, interviews with senior management and employees, stakeholder feedback, and rigorous sampling of on-ground activities. It assessed performance against best prac..

Next Story
Real Estate

India’s Tier 2 & 3 Cities: The Next Growth Frontier for Real Estate

Introduction India’s metropolitan cities have long dominated the real estate landscape, shaping both market trends and public discourse, but the narrative is shifting towards India’s tier 2 and 3 cities. Beyond the metro cities, Tier 2 and Tier 3 cities such as Indore, Ahmedabad, Chandigarh, Jaipur, Coimbatore, Lucknow, Bhubaneswar, Kochi, Surat, Guwahati, and many others are emerging as vibrant real estate hubs. This growth is driven by impetus from rapid urbanisation, logistics corridors like the Delhi Mumbai Industrial Corridor, IT/ITeS investment zones, emergence of global capabil..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?