According to OPEC’s latest monthly update for October, India’s economy experienced a slight slowdown in the second quarter of 2024, registering a year-on-year growth of 6.7%, down from 7.8% in the first quarter. This deceleration was mainly attributed to a dip in government spending during the election season.
Despite the slowdown, the services sector, which has contributed an average of 54% to the economy since 2021, showed resilience, with growth accelerating to 7.2% in 2Q24, compared to 6.7% in the previous quarter. The report also highlighted a positive trend in the labor market, with the unemployment rate dropping to 7.8% in September, down from 8.5% in August.
OPEC forecasts that India’s economic growth for the full year of 2024 will remain strong at 6.8%, consistent with its previous projections. Government support, renewed spending post-election, and continued consumer spending are expected to drive growth in the second half of the year.
Looking ahead to 2025, the growth rate is projected to decelerate to 6.3%, as the economy stabilizes from its high 2024 baseline. The outlook for India remains positive, with robust growth expected as government expenditure ramps up again following the election-related slowdown in the second quarter.
The report underscores India’s position as a key player in the global economy, with its strong growth prospects supported by both public and private sector activity.
ALSO READ: India’s Retail Inflation Rises To 5.49% In September
The Central Teacher Eligibility Test (CTET) is a crucial examination conducted by the Central Board…
Observed annually on October 16, Boss' Day offers a meaningful opportunity for employees to express…
Vice President of India Jagdeep Dhankhar laid the foundation for the Meghalaya Skill and Innovation…
Canadian Prime Minister Justin Trudeau is encountering mounting criticism from within his own Liberal Party,…
A company has fallen victim to a cyberattack after inadvertently employing a North Korean criminal…
PM Modi on Wednesday praised the cabinet's decision to increase the MSP for all mandated…