PM Modi Commends Robust GDP Figures, Emphasizing Strength of Indian Economy
Prime Minister Narendra Modi asserted on Thursday that the Gross Domestic Product (GDP) figures for the second quarter of the fiscal year underscore the robustness and resilience of the Indian economy amid challenging global conditions.
In a written statement, Modi reaffirmed his government’s dedication to fostering rapid economic growth, generating more opportunities, and swiftly eliminating poverty, all aimed at enhancing the overall ‘Ease of Living’ for the citizens.
The GDP growth numbers for Q2 display the resilience and strength of the Indian economy in the midst of such testing times globally. We are committed to ensuring fast paced growth to create more opportunities, rapid eradication of poverty and improving ‘Ease Of Living’ for our…
— Narendra Modi (@narendramodi) November 30, 2023
According to government data, India’s economy exhibited a notable growth of 7.6% in the second quarter of 2023-’24 (July-September), maintaining its status as the fastest-growing major economy. This marked an improvement from the previous quarter when the GDP stood at 6.2%.
India outpaced China, with the latter registering a growth of 4.9% in the same period, highlighting India’s prowess on the global economic stage.
Attributing the upswing to stellar performances in the manufacturing, mining, and services sectors, the Ministry of Statistics and Programme Implementation detailed the key drivers of this economic surge.
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The National Statistical Office’s data shed light on sectoral nuances. The agriculture sector’s Gross Value Added (GVA) growth decelerated to 1.2% in the September 2023 quarter from 2.5% a year ago. Similarly, the GVA expansion in financial, real estate, and professional services slowed to 6%, down from 7.1% in 2022.
The manufacturing sector stole the spotlight with an impressive GVA growth of 13.9%, a significant turnaround from the 3.8% contraction observed in the same quarter last year.
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Other vital sectors also contributed to the positive trajectory, with electricity, gas, water supply, and other utility services growing by 10.1%, compared to 6.1% in the previous year. The construction sector recorded a substantial year-on-year growth of 13.3%, up from 5.7% last year.
Looking ahead, the Ministry announced that the next release of quarterly GDP estimates for the third quarter (October-December) is scheduled for February 29, providing further insights into the evolving economic landscape.
