Part 3/6:
India's GDP growth has been remarkable until recently, recording an annual growth of 8.6% in 2023. However, forecasts for 2024 had initially targeted a growth rate of 7%. The latest figures depict a troubling trend: a gradual decline in GDP growth—from 7.8% in the first quarter of 2024 to 5.4% in the most recent quarter.
Year-on-year growth rates demonstrated a consistent downward trajectory, contributing to fears that India may not achieve its growth targets. The quarter-on-quarter growth figures further underscore this slump, leading to speculations that future growth could fall between 4.5% and 5%. This slowdown poses significant hurdles, particularly given that India remains a net importer, thus highly vulnerable to fluctuations in global markets and currency values.