BUSINESS ECONOMICS - March 01 - 31, 2024

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The UN World Economic Situation and Prospects (WESP) 2024 report released last January, said that gross domestic product in South Asia is projected to increase by 5.2% in 2024, driven by a robust expansion in India, which remains the fastest-growing large economy in the world. “Growth in India is projected to reach 6.2% in 2024 amid robust domestic demand and strong growth in the manufacturing and services sectors,” the report said. India’s GDP is projected to increase to 6.6% in 2025. “The Indian economy has witnessed profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism” was how FM Sitharaman opened her interim Budget speech for 2024-25. The Reserve Bank of India has appeared more optimistic and projected a 7% GDP growth for the next fiscal. The Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high frequency indicators, the central bank has observed. Overall, investment intentions of the private corporate sector have been positive this year so far.