Indian economy stands out with strong show: Finance Ministry
economic performance" continues to be backed by resilient growth, robust economic activity indicators, price stability and steady external sector performance, the finance ministry said Thursday. However, geopolitical tensions such as those roiling West Asia, remain a concern although risk perceptions over them have softened, offering a potential upside for growth, the ministry said in its monthly economic report for March.
The global economic landscape is seeing a gradual resurgence, with fading fears of recession and rebounding growth in major economies, it said. But regional disparities in terms of the pace of growth still exist.
India continues to exhibit a robust economic performance, despite global uncertainties, due to factors such as strong domestic demand, robust investment and sustained manufacturing momentum, the ministry said.
«Despite the global challenges, India stands out with its strong economic performance, highlighting broad-based growth across sectors and asserting its pivotal role in supporting the global growth trajectory,» said the report. India is the world's fastest-growing major economy.
Monsoon breather
The report said the forecast of above-normal rain in the June-September monsoon bodes well for a good harvest, easing inflation concerns. Food inflation, which has remained sticky, could moderate, as plentiful rain will likely lead to higher production, assuming good spatial and temporal distribution, it added.
Price pressure continued to abate in FY24 with retail inflation hitting
