Introduction
Despite a looming global recession, the Indian economy has demonstrated remarkable resilience in July 2024. The IMF raised India’s growth projection to 6.9%, ahead of China.
Key Drivers of Growth
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Robust Exports: Pharma and IT services led the way.
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Digital Infrastructure: UPI crossed 15 billion transactions in June alone.
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Manufacturing Push: PLI schemes delivered results.
Inflation and Monetary Policy
The Reserve Bank of India held repo rates steady at 6.5%, citing inflation control and a focus on growth.
Job Market Overview
Urban employment rose by 1.2% while rural jobs remained steady due to a good monsoon forecast.
Foreign Investment
India attracted over $10 billion in FDI in Q2 2024, mainly from tech and renewable energy sectors.
Sector-Wise Performance
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Automobiles: EV sales up by 25% YoY.
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Telecom: 5G coverage reached 80% of the population.
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Agriculture: MSP reforms under review.
Challenges Ahead
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Rising oil prices
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Global supply chain risks
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Geopolitical tensions with China
Conclusion
India's economy in mid-2024 paints a picture of cautious optimism, with robust fundamentals and smart policies driving its resilience.