India's figures look impressive when compared to other major economies.
New Delhi: Despite the shaky global economy, India is still a beacon of hope. The United Nations has said that India will be able to retain its place as the world's fastest-growing major economy this year as well. The UN hopes that India's growth rate will be 6.3 percent in the current fiscal year.
According to news agency, according to the latest data from the United Nations' World Economic Situation and Prospects, India's growth is being driven by strong household spending, solid government investment and rising services exports. The UN said that India is still ahead of other major economies, although the growth estimate in January was revised slightly from 6.6 percent. India's economy is expected to grow by 6.4 percent next year, although this is slightly lower than earlier expectations. Pointing to rising trade tensions and policy uncertainty, the UN said, "The world economy is at an uncertain moment. Many countries are now expected to grow at a slower pace than previously estimated."
Incidentally, India's figures look impressive when compared to other major economies. China is expected to grow by 4.6 percent, the US by 1.6 percent, Japan by 0.7 percent and the EU by just 1 percent. Germany may also see negative growth of -0.1 percent.
The UN report also reported some good news on inflation and employment in India. Inflation is expected to decline from 4.9 percent in 2024 to 4.3 percent in 2025, which is within the RBI's tolerance zone. Employment numbers are mostly stable, but the report notes that more efforts are needed to close the gender gap in employment. Notably, last month the International Monetary Fund (IMF) had made a similar forecast, with the Indian economy growing by 6.2 percent this year and 6.3 percent next year.
New Delhi: Despite the shaky global economy, India is still a beacon of hope. The United Nations has said that India will be able to retain its place as the world's fastest-growing major economy this year as well. The UN hopes that India's growth rate will be 6.3 percent in the current fiscal year.
According to news agency, according to the latest data from the United Nations' World Economic Situation and Prospects, India's growth is being driven by strong household spending, solid government investment and rising services exports. The UN said that India is still ahead of other major economies, although the growth estimate in January was revised slightly from 6.6 percent. India's economy is expected to grow by 6.4 percent next year, although this is slightly lower than earlier expectations. Pointing to rising trade tensions and policy uncertainty, the UN said, "The world economy is at an uncertain moment. Many countries are now expected to grow at a slower pace than previously estimated."
Incidentally, India's figures look impressive when compared to other major economies. China is expected to grow by 4.6 percent, the US by 1.6 percent, Japan by 0.7 percent and the EU by just 1 percent. Germany may also see negative growth of -0.1 percent.
The UN report also reported some good news on inflation and employment in India. Inflation is expected to decline from 4.9 percent in 2024 to 4.3 percent in 2025, which is within the RBI's tolerance zone. Employment numbers are mostly stable, but the report notes that more efforts are needed to close the gender gap in employment. Notably, last month the International Monetary Fund (IMF) had made a similar forecast, with the Indian economy growing by 6.2 percent this year and 6.3 percent next year.
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