‘Economic Growth ‘ The International Monetary Fund (IMF) raised India’s growth forecast for the year 2024 from 7.5 percent to 8.8 percent, citing increasing domestic demand and the growing working-age population. It is very rare to see When the Supreme Court says that the whole world is recognizing India, we should be proud but at the same time, the Supreme Court has also reprimanded the Central and State Government after saying that why the Supreme Court has recently said this, what is the issue here, it is a very important topic for the present and future for India, let’s discuss it in depth.  And why is India being fastest economic growth in the world.

India will become the 3^rd Largest economy by 2028: Says Experts

The IMF said in the latest version of economic growth , “The growth rate in India is projected to be 6.8 percent in 2024 and 6.5 percent in 2025. This growth is supported by continued strength in domestic demand and the growing working-age population. According to the report, global growth is projected to continue at the old pace in 2024 and 2025. The projected global growth in 2023 has been 3.2 per cent. IMF Chief Economist Pierre-Olivier Gorinsches said, “Despite the gloomy projections, the global economy remains strong. Stagnant growth and inflation are slowing almost as fast as it did.” “The US economy has already moved past its pre-pandemic trends. But now we estimate that low-income developing countries will be hit harder because many of these countries are still struggling to recover from the pandemic and the cost-of-living crisis. RBI Governor Shaktikanta Das recently said that the Indian economy and financial sector are strong and You can face challenges. In the last quarter, gross domestic product (GDP) growth was supported by investment in infrastructure and an increase in exports of goods and services. He also said that the economy is expected to grow at around 6.5% in the coming year.

The RBI governor said that conditions within the country are favorable for economic growth in the coming financial year. This is because people are spending more money on shopping and investing in businesses. As a result, it is expected that the economy will continue to grow. The agency, however, lowered the country’s GDP growth forecast for the financial year 2025 (FY25) to 6.4 percent from 6.9 percent earlier. The cut comes on expectations of slowing growth in the second half amid slower global growth, higher base, and delayed impact of interest rate hikes by the Reserve Bank of India. It is noteworthy that S&P’s FY25 GDP growth forecast is even lower than the RBI’s estimate of 6.6 percent.  According to the S&P report, India’s economy is getting good support from the strength of domestic factors and due to this, inflation and weak exports will not be able to weaken the growth rate of India’s economy. India has reported surprisingly robust economic growth, ending 2023 on a high note and providing a boost to Prime Minister Narendra Modi just weeks before an election that could give him a third term in office. Gross domestic product (GDP) in the world’s fastest growing major economy surged 8.4% in the final three months of 2024 compared with a year prior, up from growth of 7.6% in the June-to-September period, A sustained expansion will rapidly push India up the rankings of the world’s biggest economies. Analysts at Jefferies expect the country to become the world’s third-largest economy by 2028,

ALSO Reads:- Covishield Vaccine side effect: The reality Check?