Global think tank paints rose picture of Indian economy

The unemployment rate witnessed a decline last year, coming down to 3.1 per cent in 2023 from 7 per cent in 2022 amid robust government policies, a report by a global think tank said.

The number of high net-worth individuals (HNWIs) in the country also went up by 12.2 per cent to 3.589 million in 2023 as compared to the previous year, according to The Capgemini Research Institute’s World Wealth Report 2024.’ HNWIs’ wealth also increased by 12.4 per cent to $1,445.7 billion in 2023, from $1,286.7 billion in 2022.

India’s national savings as a percentage of GDP also increased to 33.4 per cent in 2023 compared to 29.9 per cent in 2022.

“India’s economy expanded at its swiftest rate in the last six quarters, propelled by robust private consumption as well as positive trends in manufacturing and construction activities,” the report said.

India’s market capitalisation increased by 29 per cent last year, after an increase of 6 per cent in 2022. Factors like renewed capital expenditure, a strong banking system, credit growth, increased demand for automobiles and power, and digitization-driven productivity boosts are further amplifying this trend, the report said.

In the Asia-Pacific region, India and Australia were the best performers, it said.