Monday, 27 May 2024

India will Contribute 16% of the World’s GDP

Chennai, May 16 (IANS) With the Indian economy playing a significant role in the superior performance of Asian economies, Morgan Stanley stated in a study that the broad-based recovery in demand contrasts with the weakness observed outside of Asia.

According to Morgan Stanley, India would contribute 16% of the world’s gross domestic product (GDP) between 2023 and 2024 thanks to a combination of structural and cyclical tailwinds.

Global GDP

The research stated that a range of indicators in recent months “indicate that India’s recovery is strong and broad-based, and is well-placed to sustain growth rates of above 6%.”

According to Morgan Stanley, the purchasing managers’ index (PMI) is at a 13-year high, and the manufacturing PMI is almost at an 11-year high. Passenger vehicle sales are at 131% of pre-Covid levels, real goods and services tax collections are 35% higher than pre-Covid, and services exports have increased by 84% since October 20.

  • India would contribute 16% of the world’s GDP between 2023 and 2024.
  • A range of indicators in recent months “indicate that India’s recovery is strong and broad-based.
  • Inflation and current account deficit remain in policymakers‘ comfort zone.

The decline in goods export will be partially compensated by robust domestic demand and services export. Strong balance sheets encourage domestic demand.

The major macro stability indicators of inflation and the current account deficit have retreated within the comfort zones of policymakers, and we anticipate that this will continue for some time.

This means that decision-makers won’t need to restrict the scope of monetary policy, giving the economic boom more breathing room, according to Morgan Stanley.

The best among large economies, India’s strong growth prospects “stands out, and we forecast that it will contribute 16% to global GDP growth over 2023–2024.”

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