New Delhi, India – On Friday, Prime Minister Narendra Modi praised the significant growth of India’s GDP, which reached 8.2% for the fiscal year 2024, as reported by the National Statistics Office (NSO). Describing this as merely a “trailer of the future,” Modi emphasized the strong economic momentum. The announcement came just before the final phase of the Lok Sabha elections, showcasing India’s impressive economic performance amid ongoing global challenges.
Economic Performance and Future Prospects
Prime Minister Modi shared his enthusiasm on social media, stating, “The GDP growth data for Q4 2023-24 shows robust momentum in our economy, poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year exemplifies that India continues to be the fastest-growing major economy globally. This is just a trailer of the future.”
Finance Minister Nirmala Sitharaman added, “This remarkable GDP growth rate is the highest among major global economies. Several high-frequency indicators suggest that despite global challenges, the Indian economy continues to grow rapidly.”
The GDP figures were released on the eve of the final phase of voting in the Lok Sabha elections, covering 57 constituencies, including Varanasi, where Modi is a candidate. Election results will be announced on June 4. Modi has stated during his campaign rallies that the development so far is just a trailer, promising further economic growth if the BJP returns to power.
Strong Economic Indicators
- GDP Growth: India’s economy achieved growth rates over 8% in all quarters of FY 2023-24.
- Comparison to Previous Year: The GDP growth rate for FY 2022-23 was 7%, showing a 1.2% increase.
- Q4 Performance: The GDP growth for the January-March quarter was 7.8%, surpassing the Reserve Bank’s estimate of 7%.
India’s impressive GDP growth rate is a testament to the country’s economic resilience and potential for future growth. This robust performance is expected to continue, driven by government policies and the hard work of the Indian people. As India remains the fastest-growing major economy, it sets a strong foundation for continued prosperity and development.
