India’s nominal GDP growth will rise by 11.6 per cent this year up from 9.2 per cent in 2023, making the country’s nominal GDP growth the highest in Asia for the third consecutive year, a report by a major financial conglomerate said. This is reported by IANS, a partner of TV BRICS.

India’s contribution to Asian and global growth will rise by 30 per cent and 17 per cent, respectively, up from 28 per cent and 16 per cent in 2023.

The report notes the first signs of improvement in rural consumption. A broader recovery in consumption in volume terms gained momentum in the fourth quarter of 2023.

Growth in consumer durables has risen to a 17-month high of 5.3 per cent at an annual rate in October-November.

Passenger vehicle sales have risen by 27 per cent in October-November, up from 22 per cent in the third quarter.

The effect of reform policies has already been reflected in government capital investment figures.

Real growth in gross fixed capital formation has already risen by11 per cent per annum in the third quarter of 2023.

Public capex has been strong, with the ratio of central government investment to GDP rising to three per cent, an 18-year high.

African Times published this article in partnership with International Media Network TV BRICS.