PM Modi Lauds India's 7.8% Real GDP Growth In Q1FY27 Asks Citizens To Avoid Foreign Trips, Buying Gold

(MENAFN- Live Mint) Prime Minister Narendra Modi on Monday lauded India's 7.8 per cent real gross domestic product (GDP ) growth in the first quarter of FY27, describing it as a reflection of the "collective strength" of the countrymen. He also took a swipe at the Opposition, accusing it of "spreading despair" in the country.

In a video message posted on X, PM Modi congratulated the people for their hard work, stating that India's economic growth came amid global challenges, including wars, crises, and disrupted supply chains.

PM Modi lauds India's growth story, slams opposition

He said, "A growth rate of 7.8%--the nation is filled with joy. I congratulate the people of this country for their resolve and their industrious spirit; this reflects our collective strength. The world is mired in conflict; news of war is coming from all directions, and the globe is beset by crises. Supply chains are severely disrupted. Since the COVID era of 2020, stability has been elusive everywhere. Yet, India continues to progress rapidly."

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Quick answers to key questions

.5 QUESTIONS1What factors contributed to India's 7.8% GDP growth in Q1FY27?⌵

India's 7.8% GDP growth in Q1FY27 was driven by strong performance across manufacturing, services, and domestic demand, despite global uncertainties and the West Asia conflict.

2Why did PM Modi emphasize the importance of becoming Atmanirbhar Bharat?⌵

PM Modi stressed becoming Atmanirbhar Bharat to maintain economic momentum and strengthen India's resilience against global challenges, ensuring sustainable growth.

3How does India's GDP growth compare to economists' expectations?⌵

India's GDP growth of 7.8% in Q1FY27 exceeded economists' expectations of 7.4%, highlighting stronger-than-anticipated economic resilience.

4What are the risks to India's economic growth mentioned by experts?⌵

Experts indicate risks to India's economic growth include buoyant crude oil prices, inflation, and potential impacts from global events, particularly the conflict in West Asia.

5Should policymakers be concerned about inflation despite strong GDP growth?⌵

Yes, policymakers should monitor inflation closely, as it poses a risk to sustained growth, especially with rising food prices and volatile energy costs.

Slamming the Opposition, PM Modi added, "Meanwhile, within the country, there are those mired in the abyss of pessimism, echoing falsehoods and spreading despair. Rising above all this and cutting through these obstacles, the nation has achieved a growth rate of 7.8%. We must maintain this momentum. We must keep moving forward, and for that, becoming Atmanirbhar Bharat is essential."

Also Read | India's growth resilient amid global uncertainty: CEA on 7.8% GDP growth Modi urges focus on Swadeshi, self-reliance

PM Modi urged people to prioritise domestic products and consumption, and said, "The mantra of Swadeshi, Vocal for Local: foreign trips, if you go for sightseeing, should not be done. If you do weddings abroad, it should not be done. One should live the mantra of 'Wed in India'. And if it's not necessary, then gold should not be bought either."

He added that greater focus on“Swadeshi” and self-reliance would help ensure that India becomes a“Viksit Bharat” by the time it celebrates 100 years of independence. He said the hard work undertaken today would help fulfil the aspirations of the younger generation, adding that the government's policies are sound and its intentions are clear. He said the collective strength of 1.4 billion Indians is driving the country towards greater heights and urged people to celebrate, make a firm resolve, and work together to turn that resolve into reality.

India's real GDP grows in Q1FY27

Data from the Ministry of Statistics and Programme Implementation (MoSPI) showed that India's real GDP expanded by 7.8 per cent in Q1 FY27, covering April to June. Real GDP was estimated at ₹81.36 trillion in the first quarter of FY27, compared with ₹75.46 trillion in the same quarter of FY26. The latest growth figure was also higher than the seven per cent Q1FY27 growth estimate previously projected by the Reserve Bank of India (RBI), news agency ANI reported.

The central bank has also revised its real GDP growth forecast for FY27 to 6.7 per cent, up from 6.6 per cent.

Nominal GDP at current prices stood at an estimated ₹88.27 trillion in Q1 FY27, up from ₹80 trillion in the corresponding quarter of FY26, marking a 10.3 per cent increase.

Also Read | Mint Quick Edit | First-quarter GDP data: India's economy is in fine fettle

Real gross value added (GVA) was estimated at ₹73.82 trillion in Q1 FY27, compared with ₹68.21 trillion in Q1 FY26, representing an 8.2 per cent growth.

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