India’s GDP Growth Surges to 8.2% in FY24

Once again, India’s economy has exceeded predictions, with a stunning 8.2% GDP growth rate in FY24. Leading economists in the nation have praised this historic achievement widely, confirming India’s position as the world’s fastest-growing major economy.

Major Highlights

• Unprecedented Growth Rate: With a GDP growth rate of 8.2% in FY24, India exceeded every prediction and expectation, with growth above 7% for the third year in a row. This excellent result highlights the nation’s strong economic momentum.
• Sectoral Contributions: The mining and manufacturing industries have grown promptly, making an important contribution to the expansion of the economy as a whole.
• Quarterly Performance: The economy grew by 7.8% for the quarter ending in March, which was still above projections but somewhat less than the 8.6% growth seen in the quarter prior.
• Economists’ Praise: Many economists have praised this rise, including Dharmakirti Joshi, the chief economist of CRISIL, and Rajiv Kumar, the former vice chairman of NITI Aayog. Despite difficulties in the agriculture sector, they credit the success to the Indian economy’s tenacity and drive.
• Future Outlook: Economists like Aditi Nayar and industry group Assocham predicted that the GDP growth momentum would last through FY25, with robust performance in important industries like manufacturing.

Expert Opinions

• Rajiv Kumar: draws attention to how India has consistently surpassed all other major countries in terms of GDP over the last three years.
• Amitabh Kant: underlined India’s continued status as the world’s largest economy with the highest rate of growth.
• Dharmakirti Joshi: commented on the unexpected increase in growth in spite of difficulties in agriculture.
• Assocham’s Deepak Sood predicted that the manufacturing sector will continue to grow during the current fiscal year.
• Aditi Nayar (ICRA Ltd.) said that GDP and GVA growth were higher than projected and predicted a more precise alignment of these indicators in FY25.

India’s 8.2% GDP growth in FY24 is remarkable and shows the potential and durability of the economy in that nation. India’s route to becoming a $5 trillion economy looks more and more achievable with further development projected.

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