The financial year 2024 has been quite an eventful year starting with supply chain disruptions due to the Russia-Ukraine and Israel-Hamas conflicts and the Red Sea crisis. These disruptions had led to a sharp jump in shipping rates with crude oil prices soaring post the Iran-Israel war leading to a surge in inflation numbers. Despite many unfavourable situations, the world avoided a recession and the banking system proved largely resilient with global growth pretty buoyant despite the above-mentioned adverse circumstances.
From a domestic perspective, despite many headwinds, the India growth story remains positive with major economic indicators like the PMI, services index, GST, and direct tax collections reporting robust business activity. The country’s growth has been driven by the government’s Make in India initiative and significant infrastructure spending leading to a robust…
