India to rapidly expand during FY24: S&P Global Market Intelligence

The acceleration of foreign direct investment inflows into India over the past decade reflects the favourable long-term growth outlook for the Indian economy, helped by a youthful demographic profile and rapidly rising urban household incomes, he noted in a commentary on the company’s website.

India's nominal gross domestic product (GDP) measured in US dollar terms is projected to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030. This rapid pace of economic expansion would result in the size of the Indian GDP exceeding Japanese and German GDP by 2030, making India the second largest economy in the Asia-Pacific region, he noted.

The seasonally adjusted S&P Global India manufacturing purchasing managers' Index (PMI) posted 57.7 in July, broadly in line with the reading of 57.8 in June. The index signalled continued robust expansion in the manufacturing sector. Business conditions have now strengthened in each of the past 25 months, he wrote.

Cost inflation pressures strengthened in July, with acceleration noted by both goods producers and service providers. At the composite level, input costs increased at the fastest rate in a year, he added.

ALCHEMPro News Desk (DS)