Indian economy exceeds development evaluations
(MENAFN) government data released on Friday reveals that India's Economy has outperformed analysts' projections, exhibiting robust growth of 8.2 percent in the 2023-24 financial year. This figure surpasses the 7 percent GDP expansion recorded in the previous fiscal year of 2022-23.
The notable growth has been attributed to a resurgence in the manufacturing sector and sustained momentum in construction and services industries, both of which witnessed a remarkable 9.9 percent growth during the concluded financial year. This marks the swiftest pace of economic expansion since the rebound from the Covid-19 pandemic-induced lockdowns in the 2021-22 fiscal year, which recorded a GDP growth rate of 9.1 percent.
Interestingly, the achieved growth rate also exceeds the government's pre-financial year prediction of 7.6 percent, indicating a stronger-than-anticipated performance of the Indian economy.
The final quarter of the fiscal year, spanning January to March 2024, saw a notable acceleration in economic activity, with a year-on-year growth rate of 7.8 percent, compared to 6.2 percent growth recorded in the corresponding period of the previous year.
India's remarkable economic resilience comes amidst global economic challenges, positioning the nation as a standout performer on the world stage. Ankita Amajuri, assistant economist at Capital Economics, anticipates a slight moderation in economic activity in the coming quarters, yet underscores India's continued status as a global economic leader.
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