India to maintain growth velocity in 2024: Assocham

NEW DELHI: India is likely to remain the fastest-growing major economy in the world in 2024 on the back of strong consumer demand leading to a pick up in investment across sectors such as construction, hospitality and infrastructure including railways and aviation, Assocham said on Thursday.

India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing. The country’s Gross domestic product (GDP) growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the RBI.

The growth compares to 6.2 per cent in the same quarter last year and 7.8 per cent expansion in the preceding quarter, official data showed. India’s GDP growth beat China’s 4.9 per cent rise in July-Sept, while the Western economies are getting crushed under high-interest rates and energy prices.

“India’s macro picture looks convincing with the economy following a trend growth of seven per cent with critical building blocks combining to give it brighter prospects,’ Assocham Secretary General Deepak Sood said.

According to the industry body, India Inc led by financials, construction, hotels, aviation, automobile and other manufacturing areas like electronics are on a strong pitch to further improve performance in the coming year.