Key Highlights
- The World Bank’s latest Global Economic Prospects report projects global growth at 2.6% in 2024, with developing economies growing at 4.0% and advanced economies at 1.5%. The report highlights that India is set to remain the fastest-growing major economy, with a GDP growth forecast of 6.6% for FY25, followed by a projected growth of 6.7% and 6.8% in FY26 and FY27 respectively.
- India’s GDP growth for FY24 is estimated at 8.2%, driven by industrial and services sectors, while inflation stays within the Reserve Bank’s target range of 2.0-6.0%.
- Market capitalization of the companies in the chemicals industry has increased by 18.8% from Q1 CY24 - Q2 CY24. This sector has attracted USD 21.7 billion in FDI from April 2000 to September 2023 benefiting from 100% FDI under the automatic route.
- Investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) are expected to reach USD 420 billion. This sector contributes 12.0% to India’s total exports and is set for substantial growth across various metrics, driven by domestic consumption, favorable government policies and competitive advantages.
- Market capitalization of the companies in the machinery industry has increased by 37.7% from Q1 CY24 - Q2 CY24. Majority of growth in this industry comes from the construction equipment industry in India. There is a high demand for construction equipment due to the government’s infrastructure led growth agenda.
- Market capitalization of the companies in the household durables industry has increased by 20.6% from Q1 CY24 - Q2 CY24.
