India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years.
CRISIL expects the Indian economy to moderate to 6.4% growth in the next financial year, with a need to monitor the impact of the Middle East conflict on energy and logistics costs.
Retailers are investing heavily in tier-2 cities in India due to the market potential and rising economic significance. Global and local brands like Zara, H&M, Adidas, Nike, Starbucks, Uniqlo, and Marks & Spencer are capitalizing on this trend. Jaipur, Lucknow, and Chandigarh have significant retail stock. CaratLane is expanding its store presence in tier-2 cities like Lucknow and Indore.
India aims to become a USD 5 trillion economy ahead of schedule, during the "Amrit Kaal," as part of the larger goal of becoming an advanced economy by 2047, according to Minister of State for Finance Pankaj Chaudhary. The International Monetary Fund (IMF) projects India to reach this milestone in 2027-28, with a strong rupee contributing to the achievement through macroeconomic stability.