India's leading economic index dips in March 2024: TCB

The coincident economic index (CEI) for India, which measures current economic activity, significantly fell by 4.2 per cent in March 2024 to 145.3. This drop partially reverses the substantial gains seen in the first two months of the year. Overall, the CEI grew by a marginal 0.3 per cent over the same six-month period, a stark deceleration from the 3.5 per cent growth recorded in the prior six months, as per TCB.

Despite the mixed performance of these economic indicators, The Conference Board remains optimistic about India's economic prospects. India is projected to retain its status as the fastest growing major economy in 2024, with an expected growth rate of 7.1 per cent, slightly down from the 7.7 per cent growth achieved in the previous year.

“The LEI for India fell in March,” said Ian Hu, economic research associate, at The Conference Board. “A substantial decrease in merchandise exports, as well as much smaller negative contributions from cargo handled and exchange rates, fuelled the decline in the LEI. Despite this, the level of each component of the LEI remains higher than six months ago. Additionally, semi-annual and annual changes continue to show positive growth, indicating that the ongoing economic expansion is likely to be sustained throughout 2024."

Fibre2Fashion News Desk (DP)