Finance Ministry says India will remain fastest growing major economy in financial year 2024

India will remain the fastest-growing major economy in the world in the financial year 2024. A monthly economic review report released by the Finance Ministry said that gradual strengthening of investment demand and firming of industrial activities are emerging as strong growth drivers along with strong consumption.

It said, the Index of Industrial Production has recorded double-digit growth in August this year which is the highest in the last 14 months.

The report said that fiscal position of the Union Government



remains solid with steady revenue growth. It also highlighted that inflationary pressure have eased significantly in last month.

On the employment front, the report mentioned that employment trends are encouraging as labour force participation rate is improving steadily, and the unemployment rate is declining.

The report flagged that global uncertainties have been compounded by recent developments in the Persian Gulf which can led to high crude oil prices.