
OPEC stated in a monthly update that India's economic growth remained robust in 3Q24, maintaining momentum into 4Q24 and likely through 1H25. Growth in 2Q24 reached 6.7%, y-o-y, moderating from 7.8%, y-o-y, in 1Q24. Gross fixed capital formation rose by 7.5%, y-o-y, up from 6.5%, y-o-y, in 1Q24, reflecting sustained government investment in infrastructure. Government final consumption expenditure showed a slight contraction of 0.2%, y-o-y, in 2Q24, following a 0.9%, y-o-y increase in 1Q24 - a typical pattern as non-infrastructure spending decreases during election cycles. Private consumption, however, grew strongly in 2Q24, rising by 7.4%, y-o-y, up from 4.0%, y-o-y, in 1Q24.