India remains the fastest-growing large economy and its growth is projected to reach 6.2 per cent in 2024, according to the World Economic Situation and Prospects 2024 report published by the UN Department of Economic and Social Affairs. Though India’s growth is projected to reach 6.2 per cent in 2024, it slightly lower than the 6.3 per cent estimated for 2023. This year’s growth will be supported by robust domestic demand and strong growth in the manufacturing and services sectors, the UN report said.China face headwinds from a struggling property sector, though government-led infrastructure investments are partially offsetting the shortfall in private investments. In contrast, India registered strong investment performance in 2023, driven by government infrastructure projects and multinational investments.
India is benefiting from growing interest from multinationals, which see the country as a key alternative manufacturing base in the context of developed economies’ supply chain diversification strategies.