India may face recession risks in 2024, warns Finance Ministry
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The Ministry of Finance's latest monthly review warns of a potential recession in 2024 due to uncertainties surrounding rising food and energy costs amid geopolitical tensions. A decrease in global merchandise trade volume, as indicated by the World Trade Organization's (WTO) October 2023 report, is anticipated to impact worldwide trade figures. India, in October, saw a record trade deficit, fueled by increased value imports and reduced exports.
