India's GDP Growth for FY24 Stays Strong At 8.2%, Q4 Sees 7.8% Expansion

India's economy grew by 7.8% in the January-March quarter compared to the same period a earlier, according to data. This growth is lower than the 8.4 recorded in the previous quarter.

The GDP expanded by 6.2% in the January-March period of the 2022-23 fiscal year. The National Statistical Office (NSO) released the data, showing a decline from the 8.6% expansion in the December quarter.

Manufacturing output rose by 8.9% year-on-year in the three months ending in March, compared to a revised growth of 11.5% in the previous quarter. Farm output growth also accelerated, reaching 0.6% after a revised 0.4% growth in the previous quarter.

For the fiscal year 2023-24, the Indian economy expanded by 8.2%, against a 7% growth in 2022-23. The NSO had previously estimated the growth at 7.7% for 2023-24.

Moody's Ratings projected India's growth at 6.8% for the current year, followed by 6.5% in 2025. The agency cited strong economic expansion and post-election policy continuity as key reasons. Moody's forecasted annual real GDP growth at around 6-7%.

In comparison, China's economy grew by 5.3% year-on-year, while the US economy expanded at an annualised rate of 1.3% in the quarter, amid signs of easing inflation.