The new statistics are expected to bolster confidence in the country's economic policies and provide a sense of relief to the central ruling party.
New Delhi : In a significant economic development, the country's GDP growth rate has shown a remarkable increase. According to the latest report from the National Statistical Office (NSO), the GDP growth for the last quarter of the financial year 2023-24 stood at 7.8 percent, propelling the annual growth to 8.2 percent. This figure marks a substantial improvement compared to the previous year's growth rate of 7 percent.
The October-December quarter of the same financial year had an even higher growth rate of 8.6 percent, indicating strong economic performance during that period. In contrast, the January-March quarter saw a slight dip but still maintained a robust growth of 7.8 percent. This is a significant improvement from the 6.2 percent growth recorded in the last quarter of the previous financial year (2022-23), highlighting the economy's upward trajectory.
The Ministry of Finance had anticipated this positive trend, predicting that the country's financial growth would exceed 7 percent in the next financial year. This optimistic forecast was made ahead of the budget session, and the latest figures have surpassed even the Reserve Bank's estimate of 6.9 percent.
Adding to the positive outlook, the central government has also claimed that India is poised to become the third-largest economy in the world within the next three years. This bold assertion, coupled with the impressive GDP growth figures, has brought a wave of optimism among the country's economists.
Meanwhile, data released by China showed a GDP growth rate of only 5.3 percent for the first three months of the year, placing New Delhi significantly ahead of its neighbor in terms of economic growth.
Overall, the new statistics are expected to bolster confidence in the country's economic policies and provide a sense of relief to the central ruling party. Experts believe that this upward trend will continue, fostering a more robust economic environment in the coming years. The report, released on May 31, 2024, has set a positive tone for the country's economic future, much to the satisfaction of policymakers and economists alike.
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