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India's economy grew 8.2% in fiscal 2023-24, beating analysts' expectations, according to government statistics released on Friday. GDP grew 7% in fiscal 2022-23.
The data said the robust growth was driven by a strong recovery in manufacturing and a sustained recovery in the construction and services sectors. Both sectors grew 9.9% in the recently ended fiscal year.
As the economy rebounded from the COVID-19 pandemic lockdown, registering 9.1% GDP growth, the fastest economic growth the world's most populous country has experienced in 2021-2022. This is also higher than the 7.6% growth rate that the government had expected by the end of the fiscal year.
A higher growth pace was recorded in the fourth quarter (January-March 2024), with the economy growing 7.8% year-on-year, compared with 6.2% growth in the same period last year.
India is the world's fastest-growing major economy and has maintained an upward trajectory while many economies have struggled. "We expect economic activity to slow slightly further in the coming quarters, but India will remain a global leader," Ankita Amajuri, associate economist at Capital Economics, said, CNN reported.
In 2022, the South Asian country overtook the UK to become the world's fifth-largest economy, worth $3.7 trillion. India is expected to overtake Germany and Japan to become the third-largest economy by the end of the decade.
Sanjeev Sanyal, a member of the Prime Minister's Economic Advisory Council, said earlier this month that India will be a $4 trillion economy by 2024-25 and overtake Japan to become the world's fourth-largest economy by the start of next fiscal year. The IMF estimated in April that India's GDP in 2025 will likely be $4.33 trillion, compared with Japan's $4.31 trillion.
The move comes in the wake of ongoing general elections in India, where around 970 million people are eligible to vote. Narendra Modi, who is seeking his third term as prime minister, came to power in 2014 on several promises, including transforming the economy and turning the country into a manufacturing powerhouse. During the current election campaign, Prime Minister Modi has promised to make India's economy third largest after the United States and China.
