India’s economy registered a robust growth of 7.8% in the March quarter, pushing the annual growth rate to 8.2%, according to official data released on Friday.
The growth in the January-March period, though slightly lower than the 8.6% expansion recorded in the December quarter, marks a significant improvement compared to the same period last year. In the January-March period of the 2022-23 fiscal year, the gross domestic product (GDP) expanded by 6.2%.
The NSO’s data reveals that the economy expanded by 8.2% in the 2023-24 fiscal year, up from 7% in 2022-23. This figure also slightly surpasses the NSO’s second advance estimate, which had pegged the country’s growth at 7.7% for the 2023-24 fiscal year.
In comparison, China registered an economic growth of 5.3% in the first three months of 2024, highlighting India’s stronger economic performance during the same period.
Meanwhile, taking to X (formerly Twitter), Finance Minister Nirmala Sitharaman also hailed India’s remarkable GDP growth rate which marked highest among the major economies of the world.
“Today’s GDP data showcases robust economic growth with a growth rate of 8.2% for FY 2023-24 and 7.8% for Q4 of FY 2023-24. This remarkable GDP growth rate is the highest among the major economies of the world. It is worthwhile to note that the Manufacturing sector witnessed a significant growth of 9.9% in 2023-24, highlighting the success of the Modi government’s efforts for the sector. Many high-frequency indicators indicate that the Indian economy continues to remain resilient and buoyant despite global challenges. India’s growth momentum will continue in the third term of PM Narendra Modi-led government,” the Finance Minister said.
