India's GDP grows at 8.2% in FY24, fastest-growing economy globally

In the fiscal year concluding in March (FY24), India’s economy experienced a robust 8.2 per cent growth, affirming its status as the world’s most rapidly expanding major economy.

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This growth has enhanced the standing of Prime Minister Narendra Modi’s government as the extensive general elections draw to a close.

The previous fiscal year of 2022-23 saw a GDP growth of 7 per cent, as reported by the Statistics Ministry. The Reserve Bank of India anticipates a 7 per cent growth for the current fiscal year, surpassing the global projection of 3 per cent in 2024.

Prime Minister Modi described the FY24 growth as a preview of future developments, stating: “The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally.”

Finance Minister Nirmala Sitharaman expressed confidence that this “remarkable” growth rate will persist during Modi’s third term.

Manufacturing led the growth, although agriculture showed a slowdown both annually and in the fourth quarter (January-March 2024).