India's FY24 GDP stays strong at 8.2%, Q4 economy growth at 7.8%

Gross domestic product (GDP) expanded 6.2 per cent in the January-March period of the 2022-23 fiscal year.

India's economy grew by 7.8% in the January-March quarter from a year earlier, compared with 8.4% growth in the previous quarter, government data showed. Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter. Manufacturing output rose 8.9% year-on-year in the three months ending in March, compared with a revised expansion of 11.5% in the previous quarter. Farm output growth accelerated to 0.6% after revised 0.4% growth in the previous quarter, the data showed.

A file photo of Prime Minister Narendra Modi with finance minister Nirmala Sitharaman

Data released by the National Statistical Office (NSO) showed that the gross domestic product (GDP) expanded 6.2 per cent in the January-March period of the 2022-23 fiscal year.

As per the data, Indian economy expanded 8.2 per cent in 2023-24 against a 7 per cent growth in 2022-23. The NSO in its second advance estimate of national accounts had pegged India's growth at 7.7 per cent for 2023-24.

This comes as Moody's Ratings projected India to grow 6.8 per cent in the current year, followed by 6.5 per cent in 2025 citing strong, economic expansion and post-election policy continuity. It said, “We believe the Indian economy should comfortably register 6-7 per cent annual real GDP growth and we forecast around 6.8 per cent growth.”

In comparison, China's economy grew 5.3% year-on-year and the US economy expanding at 1.3% annualised rate in March quarter amid signs of inflation easing.