India's economy grew by more than 8% in the 2023/24 fiscal year that ended in March, giving Indian Prime Minister Narendra Modi a boost to win a third term in national elections. Photo/Dok
Gross domestic product (GDP) The figure rose 8.2%, according to the statistics ministry, cementing India's status as the world's fastest-growing major economy. The growth rate was higher than the Modi government's estimate of 7.6%.
In the last quarter of the fiscal year, GDP grew faster than expected at 7.8% compared to the same period in 2023. In the October-December period, GDP grew by 8.6%.
“We expect economic activity to moderate somewhat further in the coming quarters, but India will continue to be a leading global economic player,” said Ankita Amajuri, deputy economist at Capital Economics.
Less than 24 hours before polls closed, a breath of fresh air came into the local economy. This seventh phase will be the final phase of the Indian elections on Saturday (01.05.2024). Indians began voting on Saturday. P
The elections in India have been going on for six weeks. The elections have been held step by step in the country that has hosted the most elections in the world. This election in India is a referendum on the power of the Hindu nationalist Prime Minister Narendra Modi.
The economic record of the Modi era over the last decade shows a period of strong growth in India. The country went from being the ninth largest economy in the world to one of the top five economies. Moreover, GDP growth during this decade was the highest compared to other major economies.
The Indian election results are scheduled to be released on June 4, 2024. If Modi wins a third term, “any slowdown (in the economy) will be mild,” Amajuri added.
Continued expansion will push India up the rankings of the world's largest economies, with some observers predicting that the country could be number three behind the United States or the US and China by 2027.
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