The Indian American International Chamber of Commerce (IAICC) notes the recent projections for India’s GDP rate in 2024 with some concern. Moody’s Analytics, in their latest report, anticipates a growth rate of 6.1%, lower than the 7.7% recorded in the previous year. This news arrives amidst ongoing challenges stemming from the after effects of the COVID-19 pandemic and various geopolitical tensions. Moody’s Analytics emphasizes the significant impact of the pandemic on India’s economy, with output still lagging behind pre-crisis levels by 4%. Additionally, uncertainties surrounding inflation, as highlighted by recent consumer price inflation rates hovering around 5%, add to the complexity of the economic landscape. However, amidst these concerns, IAICC remains steadfast in its optimism that growth rate will pick up once geo-political tensions are reduced and the supply chain challenges are addressed. IAICC calls upon the world leaders, especially the President of the US, to work tirelessly to reduce geopolitical tensions to create a conducive environment for economic growth.
