PM Modi hails 7.6% GDP growth, says it reflects resilience of Indian economy during 'testing times'
Prime Minister Narendra Modi commended India's Gross Domestic Product (GDP) growth rate of 7.6 percent in the second quarter of the 2023-24 financial year, emphasizing the resilience and strength of the Indian economy amid global challenges.
Prime Minister Narendra Modi on Thursday stated that the Gross Domestic Product growth numbers for the second quarter of the 2023-24 financial year displayed the resilience and strength of the Indian economy in the midst of "such testing times globally". "We are committed to ensuring fast-paced growth to create more opportunities, rapid eradication of poverty and improving ‘Ease Of Living’ for our people," he said in a post on social media platform X.
On November 30, the Ministry of Statistics and Programme Implementation revealed that India's GDP growth rate for the July-September period reached 7.6 per cent, surpassing economists' expectations.
Projections had estimated a GDP growth of 6.8 per cent, with the highest forecast at 7.2 per cent by Standard Chartered Bank. In contrast, the Reserve Bank of India (RBI) had anticipated a growth rate of 6.5 per cent. The robust growth in the last quarter was attributed to increased activity in the manufacturing and construction sectors, with the manufacturing sector's gross value added (GVA) expanding by 13.9 per cent year-on-year. The construction sector also witnessed a notable rise of 13.3 per cent.
Despite agricultural growth slowing down to 1.2 per cent, the overall GDP figure exceeded expectations, aligning with earlier indications from government officials and the RBI. Economic Affairs Secretary Ajay Seth and RBI Governor Shaktikanta Das both suggested the likelihood of a positive surprise in the second-quarter GDP growth.