According to the latest growth projections of the Organization for Economic Co-operation and Development (OECD), India will register a growth of 6.3 percent in 2023, which is much higher than the growth rates of China and Brazil at 5.2 percent and three percent respectively. OECD estimates that the Indian economy will grow at a rate of 6.1 percent in 2024, while China’s growth rate will be 4.7 percent. However, in the context of India, OECD’s global growth rate estimate is being considered somewhat low. On the other hand, in some major economies including America, Britain and Japan, the economic growth rate may either decline in the new year, or there may be a slight increase. According to the World Economic Outlook of the International Monetary Fund (IMF), global growth is projected to decline from 3.5 percent in 2022 to three percent in 2023 and 2.9 percent in 2024. Ashima Goyal, member of the Monetary Policy Committee (MPC) of the Reserve Bank of India, said that India’s growth has shown great resilience despite many external shocks. He said that by equipping people with better skills and assets, India can achieve good growth in 2024 and beyond.
