Prime Minister Narendra Modi on May 31 said that the Q4 GDP growth data for 2023-24 shows robust momentum in Indian economy which is poised to further accelerate.
In a post on X (formerly Twitter) PM Modi also thanked the hardworking people of the country saying, "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.."
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…— Narendra Modi (@narendramodi) May 31, 2024
India's gross domestic product (GDP) grew at a faster-than-expected year-on-year rate in the January-March quarter, helped by government spending and resilient consumer demand. Economists expect the momentum to remain strong this year.
The full-year 2023-24 GDP growth has been revised upwards to 8.2 percent from the second advance estimate of 7.6 percent, data released by the Ministry of Statistics and Programme Implementation on May 31 showed.
Real Gross Value Added (GVA) has grown by 7.2 percent in FY24 thanks to the manufacturing sector, whose GVA rose by 9.9 percent in 2023-24 over a contraction of 2.2 percent in 2022-23 as well as due to the mining and quarrying sector that grew 7.1 percent in the previous fiscal over 1.9 percent in FY23.
Commenting on the robust GDP growth in FY24, Finance Minister Nirmala Sitharaman said that India’s growth momentum will continue in the third term of PM Modi.
In a post on X (formerly Twitter), Sitharaman said, "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."
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…
— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 31, 2024
Further, India's G20 Sherpa Amitabh Kant noted, "The latest estimates for FY 24 reveal a remarkable Real GDP growth of 8.2%, surpassing the 7.0% growth in the previous year. This exceptional performance is a testament to India's robust economic momentum and resilience."
India continues to reinforce its position as the fastest-growing large economy in the world. The latest estimates for FY 24 reveal a remarkable Real GDP growth of 8.2%, surpassing the 7.0% growth in the previous year. This exceptional performance is a testament to India's robust…— Amitabh Kant (@amitabhk87) May 31, 2024
The 16th Finance Commission chairman Arvind Panagariya on Friday said GDP growth at 8.2 per cent for 2023-24 is a "great news for India".
As predicted, GDP growth rate for 2023-24 crossed the 8% mark and lands at a comfortable 8.2%. Great news for India!!— Arvind Panagariya (@APanagariya) May 31, 2024
Former Chief Economic Adviser KV Subramanian noted, “India's GDP growth at 8.2% for FY23-24. Feel gratified as in Sep-2021, when few believed it, I'd said in many interactions that I expect India to have 7%+ GDP growth.”
India's GDP growth at 8.2% for FY23-24. An analytical thread:
1. Post Covid, India's growth rate is 9.7%, 7.0% & 8.2%. Feel gratified as in Sep-21, when few believed it, I'd said in many interactions that I expect India to have 7%+ GDP growth (https://t.co/KByglfyrzT). 1/n— Prof. Krishnamurthy V Subramanian (@SubramanianKri) May 31, 2024
The blowout GDP data will be roundly cheered by India's policymakers, with the government's chief economic adviser V Anantha Nageswaran earlier this month saying that there was a high possibility of India’s economic growth touching 8 percent in FY24.
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