India’s resilient domestic demand to drive growth to 6.7% in 2024: UN

New Delhi, May 17 (KNN) According to a United Nations (UN) report, India’s economy is expected to grow by 6.7 per cent with the support from buoyant domestic demand in the calendar year 2024.

The report said higher interest rates and weaker external demand will continue to weigh on investment and exports this year for the country.

The World Economic Situation and Prospects as of mid-2023 released on Tuesday said India’s economy, the largest in the South Asian region, is expected to expand by 5.8 per cent in 2023 and 6.7 per cent in 2024 (calendar year basis), supported by resilient domestic demand.

However, higher interest rates and weaker external demand will continue to weigh on investment and exports in 2023, it said.

In 2023 inflation in India is expected to decelerate to 5.5 per cent as global commodity prices moderate and slower currency depreciation reduces imported inflation.

The estimates for India’s economic growth in the mid-year assessment remained unchanged from the projections made in the World Economic Situation and Prospects 2023 report launched in January this year.  (KNN Bureau)