GDP: The country’s Gross Domestic Product (GDP) increased significantly to 7.8% in the fourth quarter of FY24, according to the most recent figures from the Ministry of Statistics and Programme Implementation. This strong result shows how resilient the Indian economy is to external challenges, outperforming even the most optimistic expert predictions.
A Year of Strong Growth
When considering the full fiscal year (FY24), India’s real GDP is projected to soar to an astounding 8.2%. This outstanding accomplishment shows that the Indian economy has surpassed many experts’ forecasts, proving its inherent strength and overcoming global obstacles.
Comparison with Previous Periods
The most recent data shows that the economy is doing better than anticipated. GDP growth was 6.1% in the same quarter of FY23, the prior year. Even though the growth momentum decreased slightly from the 8.4% growth rate in the previous quarter of FY24, the overall performance is still rather strong.
RBI’s Forecast and Reality
The Reserve Bank of India (RBI) had predicted 7.6% growth in real GDP for the entire year and 6.9% growth for the fourth quarter of FY24. The Indian economy outperformed forecast, as seen by the 7.8% quarterly growth and the 8.2% annual growth forecast.
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