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India expected to stay fastest growing major economy in 2024: ASSOCHAM

29 Dec '23

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India is expected to remain the fastest-growing major economy next year amid strong consumer demand leading to a pick-up in investment across sectors like hospitality, construction and infrastructure, according to ASSOCHAM.
The country's macro picture looks quite convincing, with the overall economy following a trend growth of 7 per cent, it noted.

India is expected to remain the fastest-growing major economy in the world next year amid strong consumer demand leading to a pick-up in investment across sectors like hospitality, construction and infrastructure, according to the Associated Chambers of Commerce & Industry of India (ASSOCHAM).

ASSOCHAM secretary general Deepak Sood said that the country’s macro picture looks quite convincing, with the overall economy following a trend growth of 7 per cent, as per Indian media reports.

India companies are on a strong pitch to further improve performance in the coming year, the industry body said.

“Sectors like construction have several related industries, which too have gained momentum. These include steel, cement, mining, electricity generation and consumer durables,’ ASSOCHAM stated.

India retained the tag of the world’s fastest-growing major economy, with its gross domestic product (GDP) expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter. The GDP growth was higher than most estimates, including the Reserve Bank of India’ s 6.5-per cent projection.

The growth was 6.2 per cent in the same quarter last year and 7.8 per cent expansion in the preceding quarter.

Low crude oil prices have kept inflation in check and have positively helped keep raw material costs under control, it added.

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