Page 24 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• Top 5 export destinations, in terms of change in value, exhibiting growth in September 2024 vis a
vis September 2023 are Netherland (38.6%), U Arab Emts (23.75%), U S A (4.98%), Brazil (41.98%)
and Japan (36.35%).

• Top 5 export destinations, in terms of change in value, exhibiting growth in April-September 2024
vis a vis April-September 2023 are Netherland (36.73%), U S A (5.6%), U Arab Emts (11.45%),
Malaysia (27.91%) and U K (12.4%).

7. India’s GDP growth slowing from 7% in 2024 to 6.5% in 2025: IMF
• India’s economy in terms of Gross Domestic Product (GDP) is expected to grow at a slower pace
of 7 per cent in the current year, i.e. 2024 against the 8.2 per cent growth recorded in 2023. GDP
growth will fall further to 6.5 per cent in 2025 as demand slows, according to the World Economic
Outlook (WEO) published by the International Monetary Fund (IMF).

• The report raised the 2024 growth for the US economy to 2.8 per cent against the 2.6 per cent
earlier forecast and to 2.2 per cent in 2025 against the July estimate of 1.9 per cent.

• Inflation in India has been projected to hover around 4.4 per cent this year and 4.1 per cent next
year.

• The report says disinflation has been supported by the unwinding of the shocks, improvements in
labor supply and immigration and monetary policy interventions.

8. Net FDI in India more than doubles in Apr-Aug 2024- RBI
• Net Foreign Direct Investment (FDI) in India i.e. inflows minus outflows—more than doubled in
April–August this year to $6.62 billion from $3.26 billion in the same period last year.

• Gross inward FDI during April–August 2024 increased to $36.1 billion from $27.4 billion a year
ago, according to the Reserve Bank of India’s data.

• Repatriation/disinvestment by those who made direct investments in India rose to $20.76 billion
in the five months of FY25, up from $18.88 billion in April–August 2023.

• Around two-thirds of the gross FDI inflows were directed towards manufacturing, financial
services, communication services, and electricity and other energy sectors.

• About three-fourths of the flows were sourced from Singapore, Mauritius, the UAE, the
Netherlands, and the US.

9. India Inc credit profiles benefit on high growth in H1
• High economic growth boosted India Inc's credit profile in the first half of FY25, and is set to
improve further going ahead. Crisil Ratings, which rates nearly 7,000 companies, said the 'credit
ratio' or the ratio of upgrades to downgrades in its portfolio, improved to 2.75 times in April-
September as against 1.79 times in the preceding six months.

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