India Shines in Global GDP Growth Forecast: Insights from Economists
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New Delhi, Jan 11 (NationPress) In the face of geopolitical challenges and worldwide economic contractions, India is anticipated to be a significant bright spot in the global economic landscape, enhancing the overall growth trajectory, particularly in the South Asian region, as stated by leading economists on Saturday.
The recent report from the United Nations’ World Economic Situation and Prospects (WESP) 2025 forecasts India's growth at 6.6 percent, in contrast to the global economy's projected 2.8 percent, the United States at 1.9 percent, and China at 4.8 percent.
Dr. S.P. Sharma, Chief Economist and Deputy Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI), explained to IANS that India's robust growth rates stem from various reforms implemented by the government over recent years, with an impressive average growth rate exceeding 8 percent.
The nation is on track to become the third-largest economy globally by 2027, with projections suggesting an economy size of approximately $7 trillion by 2030, fueled by significant economic reforms.
According to economist and BJP national spokesperson, Sanju Verma, India is set to lead global GDP growth in 2025, bolstered by strong private consumption trends.
Verma highlighted that private consumption has consistently surpassed 6 percent growth, recently achieving a remarkable 7.4 percent growth rate.
Economists also pointed out that the IIP growth figures for November are encouraging, registering at 5.2 percent, marking a six-month high, primarily driven by manufacturing, which grew by 5.8 percent.
“The positive IIP growth is attributed to 18 out of 23 industry sectors achieving growth, with consumer durables soaring by an impressive 13.1 percent,” Verma mentioned.
In summary, the key drivers of the Indian economy are capital goods, infrastructure, construction, and private consumption, which are collectively propelling economic growth,” she concluded.
