Prime Minister Narendra Modi announced that India's GDP growth for the fiscal year 2023–24 has reached 8.2%, highlighting the robust momentum of the Indian economy. The growth rate exceeds previous projections and marks a significant recovery from the 7.0% growth in the previous fiscal year.
PM Modi expressed optimism for the future, stating, "The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally. As I've said, this is just a trailer of things to come."
Quarterly and annual growth
In the fourth quarter of 2023–24, India's real GDP rose to Rs 47.24 lakh crore, reflecting a 7.8% growth rate. Throughout the year, the economy consistently performed well, with strong growth in various sectors, despite a slight slowdown to 7.8% in the January-March period. This substantial growth propelled the Indian economy to USD 3.5 trillion, setting the stage for achieving the USD 5-trillion target in the coming years.
Sectoral analysis
Manufacturing, mining, and construction sectors showed significant growth, with manufacturing GVA increasing by 8.9% in the March quarter. However, the agriculture sector's growth decelerated to 0.6%. Services sector growth was mixed, with financial and real estate services growing by 7.6%, while trade and hospitality grew by 5.1%.
Comparative global context
India's economic performance continues to outpace other major economies, with China registering a 5.3% growth rate in early 2024. India's strong economic policies and the resilience of its people are driving this growth, positioning it as the fastest-growing major economy globally.
Future outlook
The Lok Sabha Secretariat has taken significant steps to facilitate the seamless transition and support of newly elected MPs, ensuring a streamlined and paperless registration process. This proactive approach reflects India's commitment to efficient governance and continued economic progress.
Also read | India's economy grows 7.8 per cent in March quarter, annual growth rate hits 8.2 per cent
