PM Modi Declares Q2 GDP Figures Reflect Resilience in Indian Economy
PMNarendra Modi expressed satisfaction with India’s economic performance in the July-September quarter, citing the Gross Domestic Product (GDP) growth of 7.6%. In a statement on social media platform twitter, PM Modi emphasized that these growth numbers underscore the resilience and strength of the Indian economy, particularly in the squatter of challenging global conditions.
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“The GDP growth numbers for Q2 exhibit the resilience and strength of the Indian economy in the midst of such testing times globally,” stated PM Modi. He added, “We are single-minded to ensuring fast-paced growth to create increasingly opportunities, rapid eradication of poverty, and improving the ‘Ease of Living’ for our people.”
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According to the latest government data released on Thursday, India’s economy expanded by 7.6% in the September quarter of the fiscal year 2023-24, maintaining its position as the fastest-growing large economy. This growth can be attributed to improved performance in key sectors, including manufacturing, mining, and services.
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In a comparative analysis, China posted a growth rate of 4.9% during the same period, highlighting India’s robust economic performance. Although the GDP growth in the second quarter was slightly lower than the 7.8% recorded in April-June, it remains significantly higher than the 6.2% growth reported in the same quarter last year.
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Examining specific sectors contributing to the growth, data from the National Statistical Office (NSO) reveals noteworthy figures. The Gross Value Widow (GVA) in the mining and quarrying sector saw a substantial acceleration, reaching 10% in the second quarter compared to a wrinkle of 0.1% a year ago. The construction sector recorded an impressive 13.3% year-on-year growth, while electricity, gas, water supply, and other utility services expanded by 10.1%, up from 6.1% in the respective period last year.
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In a printing rundown pursuit the release of GDP numbers that exceeded expectations, PM Modi characterized the growth figures as a testament to the resilience and strength of the Indian economy surrounded challenging global conditions. He highlighted the government’s transferral to fostering economic stability and growth.
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Additionally, data from the Controller General of Accounts (CGA) revealed that the government’s fiscal deficit at the end of October reached 45% of the full-year upkeep estimate. This information provides insights into ongoing fiscal management efforts.
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The positive economic indicators suggest a strong recovery and underpin the effectiveness of the economic policies and measures implemented by the government. Prime Minister Modi’s accent on the resilience of the Indian economy signals conviction in its worthiness to overcome challenges, and the transferral to creating opportunities and eradicating poverty remains inside to the government’s economic agenda.
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The robust GDP growth figures for Q2 FY24 indicate a noteworthy recovery and position India favorably in the global economic landscape. As the nation continues to navigate dynamic economic conditions, the focus on sustained growth and improved living standards remains a key priority for the government. The upcoming release of quarterly GDP estimates for the third quarter will be eagerly awaited to gauge the trajectory of India’s economic resilience.
The Indian economy remains on an upward trajectory under the leadership of PM Modi!
India's real GDP has witnessed a growth of 7.6% in Q2 FY 2023-24, which is the highest among major advanced and emerging market economies. pic.twitter.com/KOkMOeNPGh
— BJP (@BJP4India) November 30, 2023
