India's GDP grows at 8.4% in Q3: Old video of Raghuram Rajan predicting 5% cap in 2023 resurfaces (WATCH)

The National Statistical Office (NSO) revealed the data showing a remarkable 8.4% GDP growth in India for the period of October-December 2023. This surpasses expectations and positions India on a strong economic trajectory.

India GDP grows at 8.4% in Q3: Old video of Raghuram Rajan predicting 5% cap in 2023 resurfaces (WATCH) AJR

Team Asianet Newsable

First Published Feb 29, 2024, 6:58 PM IST

A surprising twist unfolds as India's GDP records an impressive growth of 8.4% in the third quarter of the fiscal year 2023-24. This substantial economic surge, led by stellar performances in manufacturing, mining & quarrying, and construction sectors, defies an earlier predicted by economist Raghuram Rajan.

A video from December 2022 reemerged, capturing Rajan predicting a cap of 5% growth for India in 2023.

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The NSO, in its second advance estimate, revises the growth projection for the fiscal year 2023-24 to 7.6%, up from the initial estimate of 7.3% released in January 2024. Additionally, the GDP growth for the preceding fiscal year, 2022-23, is revised to 7%, slightly lower than the earlier estimate of 7.2%.

The resurgence of an old video captures a conversation between Raghuram Rajan and Rahul Gandhi in December 2022.

During this interaction, Rajan expressed concerns about India's economic challenges in the coming year, predicting a struggle to achieve a 5% growth rate due to increased interest rates and slowed-down exports. The actual GDP growth numbers, however, outperformed Rajan's earlier prediction, registering 7.8% in Q1 and 7.6% in Q2.

Meanwhile, Prime Minister Narendra Modi took to X to acknowledge the remarkable 8.4% GDP growth in Q3 2023-24. Modi highlights the strength of the Indian economy and its vast potential, expressing a commitment to ongoing efforts that aim to foster fast economic growth.

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He envisions this growth as a means to improve the lives of the 140 crore Indians and contribute to the creation of a developed and prosperous India and said, "Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!"

Raghuram Rajan faced criticism for the perceived inaccuracy of his prediction, especially as India's growth surpassed the 5% limit he suggested. The economist's cautionary remarks on challenging economic conditions and the impact of interest rates and export slowdowns are juxtaposed with the unexpectedly robust GDP figures, raising questions about the dynamics influencing India's economic landscape.

Last Updated Feb 29, 2024, 6:58 PM IST