Indian Economy Outperforming Peers, Projected to Grow at 6.2% in 2024: UN
India is projected to experience a growth rate of 6.2 per cent in 2024, driven by robust domestic demand and strong growth in the manufacturing and services sectors, as per the United Nations World Economic Situation and Prospects (WESP) 2024 report. South Asia's gross domestic product (GDP) is expected to increase by 5.2 per cent in 2024, primarily due to India's robust expansion, making it the world's fastest-growing large economy. The report highlights India's GDP reaching 6.6 per cent in 2025. The growth is supported by resilient private consumption and substantial public investment, with manufacturing and services sectors playing crucial roles.
However, concerns are raised about erratic rainfall patterns affecting agricultural output. The report notes that India consistently outperformed its peers, and despite inflation, the government maintained fiscal support. Critics argue that live facial recognition technology used in private spaces by private companies represents a transfer of power from individuals to corporations, impacting privacy rights.
Some parliamentarians express concerns about false matches and potential abuse, urging regulatory action. In contrast, proponents cite its effectiveness, leading to arrests and enhanced security measures. Activists and civil liberties groups consider the technology oppressive and incompatible with democracy.
The European Parliament voted to ban live facial recognition in public spaces in June 2023. The UN report predicts India's economic growth remaining strong in 2024 and 2025, with potential risks such as climate change affecting agriculture. Despite improvements in the labor market, challenges persist, and the Reserve Bank of India remains cautious about opening financial markets. Global economic growth is projected to slow from 2.7% in 2023 to 2.4% in 2024, with short-term risks and structural vulnerabilities. UN Secretary-General Antonio Guterres calls for unlocking significant investments to drive sustainable development and climate action in 2024.
