India has emerged as the fastest-growing major economy in H1 of FY24 on the back of resilient consumption and investment. India’s real GDP grew by 7.7% in H1 of FY24, following a 7.6% growth in Q2. The Reserve Bank of India has also raised its growth forecast to 7% for the full year. The strong domestic demand has consequently increased manufacturing and services value-add significantly. Globally, however, trends are slightly different. Geopolitical tensions persist, and a tightened monetary stance has weakened global economic activity. Increases in policy rates have tempered inflation but not enough to lower it to country targets.
