FY24 GDP growth at 8.2% great news for India: Arvind Panagariya

According to the National Statistical Office (NSO) data released on Friday, India's economy grew at a four-quarter low of 7.8 per cent in the March quarter.

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, the GDP growth rate for 2023-24 crossed the 8% mark and lands at a comfortable 8.2%. Great news for India!!," Panagariya said in a post on X.

According to the National Statistical Office (NSO) data released on Friday, India's economy grew at a four-quarter low of 7.8 per cent in the March quarter.

The economy grew 8.2 per cent in the June quarter, 8.1 per cent in the September quarter, and 8.6 per cent in the December quarter.

The GDP expanded at 8.2 per cent in 2023-24 fiscal, higher than 7 per cent recorded in 2022-23.

ICRA Chief Economist Aditi Nayar said the sequential slowdown in GDP growth was driven by investment activity, even as private consumption maintained a bland 4 per cent rise and government consumption expenditure turned around to a mild growth from a contraction.

"With transient factors likely to dampen growth in H1 FY2025, we expect the GDP growth to decelerate from the 8.2 per cent recorded in FY2024," Nayar said.

PHDCCI President Sanjeev Agrawal said India's growth at 8.2 per cent in FY 2023-24 is a reflection of the efforts for Viksit Bharat by 2047. The growth momentum is expected to continue and strengthen in the coming times, Agrawal said.