“Despite global challenges, India stands out with its strong economic performance, highlighting broad-based growth across multiple sectors and affirming its key role in supporting the growth trajectory globally,” said the 'Monthly Economic Review March 2024' released by the Ministry's economic department. .
A report by the Ministry of Finance said that India continues to be the fastest growing major economy in the context of international organizations and central banks positively assessing growth prospects for this financial year. . March saw record-breaking stock market performance and notable GST collections. It noted that the global recession has led to a moderation in goods trade.
March saw record-breaking stock market performance and notable goods and services tax (GST) collections.
It said retail inflation in the country has reached its lowest level since the pandemic. The 2023-24 financial year closed with a low inflation rate of 4.85% in March—the lowest in the past 10 months, reflecting a stable economic environment.
“In India, the government and the RBI [central bank] Anti-inflation efforts, including adjusting policy interest rates, increasing food reserves and reducing imports, have ensured effective inflation management,” the report commented.
“Consumer and investor confidence, demonstrated by notable improvements in sentiment, strengthens India's ability to successfully navigate global challenges,” it said. know.
The global recession led to a moderation in India's trade in goods. “The slowdown in trade caused the goods trade deficit to narrow in the 2023-24 financial year, as exports fell smaller than imports,” the organization added.
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