News India Live, Digital Desk: Economic Growth: According to the United Nations, India remains the fastest growing big economy and is expected to register a 6.3 percent increase in this financial year, while the global economy is going through “era of uncertainty”.
Senior Economic Affairs officer Ingo Pitterley said on Thursday, “India remains one of the fastest growing large economies due to strong personal consumption and public investment, even though development estimates in 2025 have been reduced from 6.6 percent to 6.3 percent in January.”
The report warns that, “The world economy is going through a dangerous phase.”
“Growing trade stress and policy uncertainty have greatly weakened the global economic outlook for 2025.”
“This has been a worrying time for the global economy,” Shantanu Mukherjee, director of the Economic Analysis and Policy Division, said on the occasion of the release of WESP.
He said, “In January this year, we were expecting stable, although low growth for two years, the possibilities have been reduced since then.”
According to WESP, unlike this picture, the world’s fifth largest economy India’s growth rate is contrary to the global rate of 2.4 percent this year and the growth rate of other major economies.
The estimate for China is 4.6 percent, 1.6 percent for the US, Germany (negative) -0.1 percent, 0.7 percent for Japan and 1 percent for the European Union.
The report states that, “Flexible personal consumption and strong public investment as well as strong service exports will promote India’s economic growth.”
WESP saw a positive trend for India in terms of inflation and employment.
It said, “Inflation is estimated to be reduced from 4.9 percent to 4.3 percent in 2024, which will remain within the central bank’s target limit.”
It states that, “Unemployment remains largely stable amidst stable economic conditions”, but at the same time it has also been warned that “continuous gender inequalities in employment underline the need for greater inclusion in workforce participation”.
WESP attracted attention to the risks to the export sector from American tariff hazards.
It states, “While adjacent American tariffs are under pressure on commodity exports, currently exempted areas – such as pharmaceuticals, electronics, semiconductors, energy and copper – can limit economic effects, although these discounts cannot be permanent.”
The International Monetary Fund had estimated last month that India’s economy would grow at 6.2 percent this year and 6.3 percent next year.
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