UN raises India's growth rate projection

The Indian economy's growth projection for the current year has been raised to 6.9 per cent from its earlier forecast, the United Nations announced. India reaffirms its position as the fastest growing major economy in the world.

Hamid Rashid, the Сhief of the UN’s Global Economic Monitoring Branch, said the improved forecast was due to falling inflation, rising exports and foreign investment inflows. Inflation has come down, easing the fiscal position, and exports and investment attraction have also strengthened.

The oil import agreement with Russia has also played a role in improving the country's economic situation. This is reported by IANS, a partner of TV BRICS.

The report also highlights the improving labour market in India, noting the growth in employment and increased participation of women in economic activities.

The growth forecast for the Indian economy for next year remains at 6.6 per cent. The report also revised the global economic growth forecast for this year to 2.7 per cent.