According to the United Nations’ Economic and Social Survey of Asia and the Pacific 2024, India has emerged as the world’s fastest-growing major economy in 2023, with a growth rate of 6.8%. This growth was fueled by strong household consumption, public investment in infrastructure, and robust growth in manufacturing, mining, and construction sectors. India’s performance was primarily driven by domestic factors, with gross fixed capital formation reaching its highest share of GDP since 2012-2013. The report highlights India’s favorable demographics, emphasizing the potential to boost domestic demand with its youthful population. However, challenges such as gender inequality and climate change impact are also addressed, with recommendations for leveraging women’s economic participation and mitigating the effects of heat stress on the workforce.
UN Report: India Emerges as Fastest-Growing Major Economy in 2023
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