UN raises India’s GDP forecast for FY24 to 6.9%

New Delhi, May 17

The United Nations has revised upwards India’s growth projections for 2024, a month after the World Bank did so. However, the UN’s revised GDP projection is a more modest 6.9 per cent for 23-24 as compared to 7.5 per cent by the World Bank last month.

In January, the UN had anticipated the Indian GDP growth for 2023-24 at 6.2 per cent due to strong growth in the manufacturing and services sectors.

However, the revised growth projections attribute the expansion to a lower-than-anticipated inflation rate of 4.5 per cent in 2023-24 as against 5.6 per cent in 2022-23. The UN also saw lower inflation rate as well as slight moderation in food prices for South Asia.