India's economy exhibits robust growth, car sales spike amid global challenges © Reuters.

India’s economy has exhibited robust growth amidst global challenges, with the World Bank’s International Development Union (IDU) highlighting a growth rate of 7.2% in FY22/23. This report was published on Wednesday. Major cities have seen a surge in housing sales, as reported by real estate consultancy Knight Frank.

In the technology sector, high-end smartphones like the iPhone 15 series and Samsung (KS:)’s Flip 5 and Fold 5 have experienced a surge in demand. The automotive industry has also seen an uptick, with record car sales in September 2023 being observed by Maruti Suzuki, Hyundai (OTC:), Tata Motors (BO:) (NYSE:), Toyota (NYSE:) Kirloskar Motor (TKM), and Mahindra & Mahindra. The demand was particularly high for SUVs and MPVs.

Meanwhile, the World Bank’s report also raised Latin America and the Caribbean’s economic growth forecast for 2023 to 2%, despite facing challenges such as higher debt, inflationary pressures, high interest rates, soft commodity prices, and limited fiscal space. Central and South American countries have surpassed pre-coronavirus levels but are struggling to meet pre-pandemic trends.

The report noted that well-grounded policy responses have led to recovery in employment and income losses alongside falling inflation rates. However, citizen dissatisfaction persists in these regions due to low growth, fiscal constraints, and societal discontent. Argentina and Haiti are anticipated to face an economic contraction of 2.5%, while Guyana’s economy is set to soar by 29%.

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