The International Monetary Fund (IMF) forecasts India to maintain its status as the world's fastest-growing major economy in 2024, with a real GDP growth of over 6% in both 2023 and 2024. This growth is attributed to the rapid take-off phase of urbanization and industrialization. India's economic and demographic characteristics, resembling China's during the late 1990s and early 2000s, suggest the possibility of sustained rapid growth for two more decades. The country's GDP per capita, median population age, population growth, urbanization levels, and energy consumption patterns indicate significant catch-up potential. As India enters a central take-off phase, characterized by increased urbanization, industrialization, household incomes, and energy consumption, it is expected to be a major contributor to global growth in the 2020s and 2030s. The expanding middle class is likely to drive higher demand for energy services, making India a crucial factor in global energy consumption projections.

SOURCE:GOOGLE