Page 36 - The Indian EYE 031524

BUSINESS EYE MARCH 15, 2024 | The Indian Eye 36

Improved global trade and better supply

chains boost Indian GDP growth to 8.4%

Our efforts will continue to bring fast economic growth which shall help 140

crore Indians lead a better life and create a Viksit Bharat: PM Modi

OUR BUREAU
New Delhi/Mumbai
ndia’s GDP grew at a huge 8.4 per cent during
the October-December quarter of the current
Ifinancial year and the country continued to re-
main the fastest-growing major economy. The In-
dian economy grew 7.8 per cent and 7.6 per cent
during the preceding two quarters - April-June
and July-September, data released by the Ministry
of Statistics and Programme Implementation on
Thursday showed.
India continues to be an outlier and remains
the fastest-growing major economy and global
agencies will reappraise their estimate of potential
GDP growth in India, which is close to 7 per cent,
if not higher, Chief Economic Advisor V Anantha
Nageswaran has said.
In a virtual media briefing after third quarter
GDP growth figures were released, Nageswaran
said that India stands out as the fastest-growing
economy, supported by stable external sectors, cur-
rent account deficit nearing just 1 per cent of GDP,
forex reserves covering 11 months of imports and
substantial FPI flows contribute to economic resil-
ience. Prime Minister Narendra Modi said the robust 8.4 per cent GDP growth in the third quarter of 2023-24 shows the strength of the
Nageswaran said that in the services sector,
while hospitality growth has slightly dipped, it’s Indian economy and also its potential
seen as stabilizing after a strong recovery in FY22
and FY23. Tourist arrivals surpass pre-pandemic tensions potentially impacting growth. growth trajectory, Confederation of Indian Indus-
averages, signaling a positive trend in both business “Despite these challenges, India’s economic try in a statement on Thursday exuded confidence
and leisure travel, he said. The CEA said that de- outlook for FY25 appears promising, with a com- that Indian economy will continue to grow at 7 per
mand conditions are favorable, reflected in healthy bination of internal strengths and external factors cent plus growth rate over the medium term.
passenger vehicle sales, domestic air passenger poised to drive continued growth,” he said. In a statement issued today, Chandrajit Ba-
traffic, and a buoyant construction sector. With the The Indian economy grew 7.8 per cent and 7.6 nerjee, Director General, CII, said, “industry is en-
external sector remaining stable, the country seems per cent during the preceding two quarters - April- thused to note the strong set of GDP growth num-
well-positioned for continued growth. June and July-September, data released by the bers for the third quarter (YoY), which surpassed
“Looking ahead to FY25, prospects are opti- Ministry of Statistics and Programme Implementa- expectations, recording an actual rate of 8.4 percent
mistic. Anticipated factors include a robust Rabi tion on Thursday showed. exceeding the previous quarter’s 7.6 per cent”.
harvest, sustained manufacturing profitability and Prime Minister Narendra Modi has said the ro- “What is more comforting to note is the fact
service sector resilience. Household consumption bust 8.4 per cent GDP growth in the third quarter that the robust expansion came despite the recur-
is expected to improve, supported by positive pri- of 2023-24 shows the strength of the Indian econo- ring spate of geopolitical flashpoints and was pre-
vate capex cycles, improved business sentiments, my and also its potential and the government will mised on a healthy double-digit expansion in manu-
and the government’s focus on capital expenditure,” continue its efforts for fast economic growth to cre- facturing and investment,” he said.
he added. ate ‘Viksit Bharat’. PM Modi said in a post on X The PLI scheme and host of other benefits
The CEA highlighted that the global factors that fast economic growth will also help the citizens announced for the manufacturing sector have but-
such as an improved outlook for international lead a better life. tressed the strong growth posted by the manufac-
trade and integration into global supply chains, “Robust 8.4% GDP growth in Q3 2023-24 turing sector, as per the statement
further bolster India’s economic potential. Pub- shows the strength of Indian economy and its po- “Indian economy is on a high growth trajectory
lic digital platforms and strategic initiatives like tential. Our efforts will continue to bring fast eco- supported by structural reforms and improvements
PM GatiShakti and production-linked incentive nomic growth which shall help 140 crore Indians in both ease & cost of doing business. This makes
schemes aim to stimulate manufacturing. lead a better life and create a Viksit Bharat!” he us confident that the Indian economy will continue
The CEA also referred to challenges with un- said. to grow at 7 per cent plus growth rate over the me-
certainties in merchandise trade and geopolitical Underlining that Indian economy is on a high dium term”, the statement added.

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