The latest reports from the World Bank confirm India's exceptional performance amidst a backdrop of global uncertainty.
Addressing the Development Committee meeting, India's Economic Affairs Secretary, Ajay Seth, proudly announced India's robust growth trajectory.
Seth revealed that India's GDP growth estimate for the fiscal year has been revised upwards to an impressive 7.6 per cent.
"India grew above 8 per cent for three consecutive quarters of FY24, reaffirming its position as a standout performer amidst sluggish global growth trends" Seth said.
Seth attributed India's economic success to sustained consumption and investment demand, underpinned by a proactive approach to reforms and sustainable growth initiatives.
"Despite facing headwinds from the global economy, India's proactive stance has resulted in sustained growth and stability, garnering accolades from international agencies", he said.
Seth also remarked, "The nation's external trade dynamics are witnessing positive trends, with a narrowing merchandise trade deficit and rising net services receipts, India is set to enhance its current account balance in fiscal 2024 strengthening its economic outlook"
The Indian delegation at the annual Spring Meeting of the International Monetary Fund and the World Bank is being represented at the official level this time. Union Finance Minister Nirmala Sitharaman is not attending the annual gathering of global financial leaders due to the ongoing Lok Sabha elections.
Seth highlighted the robust growth across sectors, with manufacturing experiencing double-digit growth in Q3 of the fiscal year, propelled by increased investment, bolstered investor confidence, and strong domestic demand.
In the digital realm, Seth stressed upon India's global leadership, with the nation accounting for 46% of global real-time transactions in 2022. March 2024 witnessed a staggering 13.44 billion transactions amounting to INR 19.78 trillion.
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