India successfully weathered global challenges in 2023, and because of rising demand, moderate inflation, a stable interest rate system, and substantial foreign exchange reserves, it is projected to continue being the major economy with the fastest rate of growth in the world. India's GDP expanded by 6.1% in the March quarter, despite the general pessimism among industrialised nations and the deteriorating geopolitical environment. In the June quarter, the growth increased to 7.8%, and in the September quarter, it was 7.6%.
For the first six months of this fiscal year, the growth was 7.7%. The growth momentum is expected to sustain itself in the December quarter, making India the fastest-growing major economy in the world, much ahead of China. According to the latest growth projections of the Organisation for Economic Cooperation and Development (OECD), which appear conservative, India will record a growth rate of 6.3% in 2023, ahead of China and Brazil at 5.2% and 3%, respectively.
For 2024, the OECD expects India to grow at 6.1% and China at 4.7%. On the other hand, major economies, including the US, UK, and Japan, are likely to witness either a deceleration or a very nominal increase in economic growth rates in the coming year.
India's performance on the economic front in 2023 appears even better when viewed from a global perspective. As per the International Monetary Fund's (IMF) World Economic Outlook, global growth is estimated to decelerate from 3.5% in 2022 to 3% in 2023, and further to 2.9% in 2024.
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