Perspective On GDP Data by Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
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Below The Perspective On GDP Data by Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
"Riding on solid economic fundamentals and pegged by tremendous growth in manufacturing, construction, and defense, India’s gross domestic product (GDP) grew 7.8 percent y-o-y during the January-March 2024 quarter (Q4 FY24), while the FY23 GDP growth stands at 8.2%. This growth reiterates India's position as the world’s fastest-growing major economy which currently holds the tag of being the world’s fifth largest economy.
The significant growth of 9.9 percent in the manufacturing sector in 2023-24 over a contraction of (-)2.2 percent in 2022-23 and growth of 7.1 percent in 2023-24 over 1.9 percent in 2022-23 for the mining sector is remarkable, showing a sustained growth momentum in domestic demand.
With the expectation of normal monsoon and continuity in policy, strong growth is expected to persist, though geopolitical situations remain a concern”.
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