According to an expert, the Indian economy is expected to see a 7% expansion in the January to December period of 2024. The year 2023 saw the Indian economy remaining a bright spot as the fastest growing major economy in the world while the global economy showed volatility and signs of slowdown though unevenly across geographies. The Indian economy expanded at 7.8% in the first quarter of the current fiscal. The export ban on key commodities like wheat, atta, non-basmati white rice and export restrictions on sugar impacted export growth. The global economy has been grappling with rising inflation and high-interest rates, particularly in Europe and the United States, India’s biggest export markets.

Source: Mint December 25, 2023 18:10 UTC