India’s gross domestic product (GDP) grew at the rate of 7.8 percent in the last quarter of the financial year 2024. Apart from this, the growth of FY24 is estimated at 8.2 percent.
FY24 GDP growth: Gross Domestic Product (GDP) figures have surprised once again. India’s Gross Domestic Product (GDP) grew at a rate of 7.8 percent in the last quarter of FY 2024. This pace was 6.2 percent in the same period a year ago. However, the growth rate in the March quarter has slowed down as compared to October-December, 2023. The country’s economy grew at a rate of 8.6 percent in the December quarter. On the economic front, the economic growth rate of India’s main rival China stood at 5.3 percent in the January-March quarter.
According to government data, the country’s GDP growth rate was 8.2 percent in the financial year 2023-24, while it was seven percent in the financial year 2022-23.
PM Modi said – this is just a trailer
PM Narendra Modi looked elated over the GDP figures. PM Modi said on his social media platform X – Q4 GDP growth data for FY 2023-24 shows strong momentum in our economy. Thanks to the hardworking people of our country. The growth of 8.2% for FY 2023-24 is an example of how India remains the fastest growing major economy globally. This is just a trailer.
Core sector figures
India’s core sector figures have improved due to growth in power and steel production. The eight major sectors of the core sector recorded a growth of 6.2 percent in April. Coal production was 7.5 percent while power production was 9.4 percent in this month. In March, coal production grew by 8.7 percent and power production by 8.6 percent. Let us tell you that the eight major sectors include coal, oil, natural gas, electricity, refinery products, steel, cement and fertilizers.
Steel production grew 7.1 percent year-on-year in March, compared to a 6.4 percent increase a month earlier. Natural gas production grew 8.6 percent in April, compared to a 6.3 percent increase in the previous month.
What was the condition of the stock market
Indian stock market witnessed a rise before the GDP data. The decline in the local stock markets for the last five days came to a halt on Friday. At the end of trading, the Sensex closed at 73,961.31, up 75.71 points or 0.10 percent. Nifty also managed to recover from the decline and closed at 22,530.70 points, up 42.05 points or 0.19 percent.
