• UGI USER
  • Apr 18, 2024
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UNCTAD PREDICTS THE INDIAN ECONOMY TO GROW 6.5% IN 2024.

Why in the news?

UNCTAD forecasts India’s economy to grow 6.5% in 2024, citing multinational companies’ expanded manufacturing processes boosting exports.

source:researchgate

About UNCTAD Predicts 6.5% Growth for Indian Economy in 2024:

  • A UN report forecasts India’s economy to grow by 6.5% in 2024.
  • Highlights the role of multinational companies expanding manufacturing processes in India.
  • India’s GDP expanded by 6.7% in 2023, driven by robust public investment and a thriving services sector.
  • Strong local demand for consumer services and growing external demand for business services exports contributed to the growth.
  • UNCTAD emphasises that MNCs extending manufacturing operations in India will positively influence Indian exports.
  • This trend signifies India’s attractiveness as a manufacturing destination and underscores its position as one of the world’s fastest-growing major economies.
What is the United Nations Conference on Trade and Development (UNCTAD)?

  • Leading UN institution for trade and development since 1964.
  • A permanent intergovernmental body established by the UN General Assembly.
  • Supports developing countries in accessing benefits of a globalized economy fairly.
  • Provides economic and trade analysis, consensus-building, and technical assistance.
  • Headquarters located in Geneva, Switzerland.
  • Reports Published by UNCTAD:
  • Trade and Development Report
  • World Investment Report
  • The Least Developed Countries Report

Source:

https://www.thehindu.com/business/Economy/indian-economy-projected-to-grow-65-in-2024-unctad/article68077176.ece#:~:text=on%20Indian%20exports.-,UN%20Trade%20and%20Development%20(UNCTAD)%20in%20its%20report%20released%20on,major%20economy%20in%20the%20world.