India Shines as Fastest-Growing Major Economy Amid Global Slowdown: UN Report

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New Delhi: In a world marred by economic uncertainty, India has emerged as a powerful exception, cementing its position as the fastest-growing large economy, according to the United Nations’ World Economic Situation and Prospects (WESP) mid-year update. The report projects India’s GDP growth at 6.3% for FY 2024–25, with the momentum expected to climb to 6.4% in 2026—a bright spot against a global backdrop of trade tensions, policy disruptions, and declining investments.

The UN lauds India’s economic trajectory as a rare success story in today’s subdued global landscape. The country’s strength lies in robust domestic demand, government-led infrastructure spending, and investor confidence that continues to hold strong. Inflation is projected to ease to 4.3% in 2025, remaining well within the Reserve Bank of India’s target range, allowing policy space for sustained growth.

India’s stock markets have mirrored this momentum, with benchmark indices hitting record highs. Retail investor participation has nearly tripled, surging from 4.9 crore in FY20 to 13.2 crore by December 2024. Primary markets also flourished, with IPO activity rising 32.1%, and capital raised nearly tripling to ₹1.54 lakh crore, making India the top contributor to global IPO-led capital mobilisation, with a 30% share in 2024—up from 17% the previous year.

The report highlights India’s resilient and growing manufacturing sector, which continues to play a critical role in its economic resurgence. Gross Value Added (GVA) in manufacturing at constant prices rose from ₹15.6 lakh crore in 2013–14 to ₹27.5 lakh crore in 2023–24, reflecting sustained policy support, industrial resilience, and improved global competitiveness.

India’s exports hit a record $824.9 billion in 2024–25, marking a 6.01% year-on-year growth. Services exports reached an all-time high of $387.5 billion, growing 13.6%, while merchandise exports excluding petroleum products rose to $374.1 billion, demonstrating India’s deeper push into high-value manufacturing sectors.

A standout success story in the report is India’s booming defence industry, which has seen transformative growth. Indigenous defence production rose to ₹1,27,434 crore in 2023–24, a 174% rise since 2014–15. Defence exports skyrocketed 34 times in the past decade, growing from ₹686 crore in 2013–14 to ₹23,622 crore in 2024–25. Indian defence equipment is now exported to nearly 100 countries, showcasing India’s growing stature as a global defence supplier.

This remarkable expansion has been driven by strategic government reforms, including Make in India, PLI schemes, and a strong push for Atmanirbharta (self-reliance). These efforts are not only boosting domestic manufacturing but are also strengthening India’s voice in global trade dynamics.

The UN report positions India as more than just an economic outlier—it portrays the country as a global growth engine. Backed by structural reforms, strong fiscal management, and public confidence, India is not just weathering global headwinds—it is shaping the direction of global recovery.

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