India benefiting from more investments coming into the country as less foreign investment going into China: UN expert
economic growth performance and has become an alternative investment destination for many western companies as «less and less» foreign investment is going into China, an expert at the UN said as the global body revised upwards the Indian GDP growth for 2024.
«India is also benefiting from more investments coming into India from other western sources as less and less foreign investment is going into China, western investment is going into China. India has become an alternative investment source or destination for many western companies. I think that is also benefiting India,» Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN Department of Economic and Social Affairs (UN DESA), Hamid Rashid, told reporters here Thursday.
He was briefing on the mid-year update of the World Economic Situation and Prospects 2024 that has revised upwards India's growth projections for 2024, with the country's economy now forecast to expand by close to seven per cent this year.
The World Economic Situation and Prospects as of mid-2024, released Thursday, said, «India's economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly.»
The 6.9 per cent economic growth projections for India in the mid-year update is an upward revision from the 6.2 per
