India's GDP grows 7.8% in March quarter, annual growth rate hits 8.2%
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India's economy experienced robust growth, expanding by 7.8% in the March quarter, according to official data released by the National Statistical Office (NSO).
This increase pushed the annual growth rate up to 8.2% for the fiscal year 2023-24.
While the growth in the January-March period was impressive, it was slightly lower than the 8.6% expansion observed in the December quarter. Nonetheless, the performance marked a significant improvement compared to the 6.2% growth rate recorded in the same period during the previous fiscal year of 2022-23.
The NSO's data underscores a strong economic performance for the entire year, with the economy growing by 8.2% in 2023-24, up from the 7% growth rate in 2022-23. This aligns with the NSO’s second advance estimate, which had projected a 7.7% growth for the year.
In contrast, China's economy grew by 5.3% in the first three months of 2024, highlighting India's stronger relative performance in the global economic landscape.
The growth figures reflect various economic activities' resilience and recovery, indicating a positive outlook for India's economic trajectory.