India’s Economic Indicators Telling A Story—Of Growth, Recovery, Robustness

It’s been a long time since nearly all economic indicators have pointed upwards. With just two months of the new financial year having elapsed, this comes as a welcome dose of hope for the months ahead.

Month-ends are exciting times for financial journalists, and not just because of the pay day. Several ministries in the government, as well as private sector monitoring agencies, release a deluge of economic data on the first and last days of every month. This week, though, that deluge became a veritable flood since the end of May also coincided with the release of the GDP data not just for the January-March 2023 period, but also for the entire financial year 2022-23.

The better-than-expected GDP growth numbers even saw Prime Minister Narendra Modi tweeting that the data “underscore the resilience of the Indian economy amidst global challenges”.

“This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people,” he added.

The 7.2 per cent GDP growth for the Indian economy has come after a long spell of subdued numbers, lasting since before the pandemic, and is therefore a reassuring reminder of an era of high economic growth that India witnessed in the past and hints at the trajectory the economy could take from here. And that is why the Indian economy is ThePrint’s Newsmaker of The Week.