Home Business India beat another big economy in FY24

India beat another big economy in FY24

India beat another big economy in FY24


the governor for the central bank for India, or RBI, Shaktikanta Das suggested regarding one month prior that an increase in increase in GDP would be expected for the subsequent period for the 24th fiscal year

Prime Minister Modi of India as well as Nirmala Sitharaman, the Union Finance Minister, within an official image.

He accurately predicted that the nation’s Q2 development was going to shock everyone when he made this statement at a press conference on October 31. The GDP figures, which were released on Thursday, took every economist by surprise as they had predicted a 6.8% growth this quarter. But the actual percentage, which was 7.6%, surprised everyone.

While government officials published each month’s numbers over the gathering for GST (Goods and Services Tax) earnings over the first day of November 2023, this was clear that this sort of rise was occurring. the month of October of this year saw an increase in the monthly GST collections to ₹1.72 lakh, which is the second highest amount since the new indirect tax system went into effect in July 2017. The monthly GST collections are a reflection of actual business activity. In addition, the manufacturing and services PMIs had strong evaluations in is typical for 57.9 as well as 61.1, respectively, while the increase of the The index of Industrial Production (also known as IIP) averaged 9.7% in the second quarter of FY24.

Thus, it kept India’s record as the major economy with the fastest rate of growth in the world. And this momentum for growth is here to stay. Someone recently saw this in a report.

Earlier this week, S&P Global Ratings released a credit analysis report titled “China Shrinks, India Grows,” which predicted that South and Southeast Asia, led by India, would replace China as the Asia-Pacific growth engine. the country’s GDP to increase to 7% by 2026. It’s also evident.

India’s success story is noteworthy in part because it is despite significant global headwinds. Earlier this week, Union Finance Minister Nirmala Sitharaman stated that although domestic factors are bolstering India’s rapid growth, external headwinds are negatively impacting the country’s economy. Notwithstanding international and geopolitical difficulties, he claimed that India’s robust policies, sizable domestic market, and middle class’s spending power are what are fueling the country’s economic expansion. HT released a report on Tuesday.

In response to the most recent GDP figures, Chief Economic Advisor V Anantha Nageswaran stated on Thursday that although risks were posed by outside forces, India’s prospects for economic growth appeared promising. In addition, he praised the government’s initiatives for maintaining the rapid growth rate, citing PM GatiShakti, capital spending, the National Transport Policy, productivity linked incentive (PLI) programs, and the growth of the nation’s digital infrastructure.

It is actually a remarkable accomplishment that the GDP grew by 7.6% in the second quarter as opposed to 7.8% in the first. Given that India’s robust manufacturing sector is a major contributor to the Q2 growth, it ends up being an even greater success.

Through appropriate policy and modified promotions, the federal government has grown the GDP by 7.7% in the initial half of 2023–2024. India is expected to surpass the other major nations in FY24 with its current level of leadership over them.