Provisional estimates of annual GDP for 2023-24 and quarterly estimates of GDP for Q4 of 2023-24 show that the GDP grew 8.2% in FY 2023-24, compared to the growth rate of 7.0% in FY 2022-23.
PM Narendra Modi posted on X: “The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate.
As I’ve said, this is just a trailer of things to come…”The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate.
This remarkable GDP growth rate is the highest among the major economies of the world.
India’s growth momentum will continue in the third term of PM Shri @narendramodi-led government.”Today’s GDP data showcases robust economic growth with a growth rate of 8.2% for FY 2023-24 and 7.8% for Q4 of FY 2023-24.
“Sona ghar waapas aa gaya.” That’s the emotion many Indians had on social media as news came in that 100 tonnes of gold was brought back from the Bank of England.
Indians love and treasure their gold and this is how the sentiment could be encashed by the Bharatiya Janata Party (BJP). But in terms of economics, the return of gold means the cost of storage will come down. It also means more certainty in the monetary system and gives strength to the rupee.
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As the day progressed, there was more good news in store. Provisional estimates of annual GDP for 2023-24 and quarterly estimates of GDP for Q4 of 2023-24 show that the GDP grew 8.2% in FY 2023-24, compared to the growth rate of 7.0% in FY 2022-23.
PM Narendra Modi posted on X: “The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally. As I’ve said, this is just a trailer of things to come…”
The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally. As…— Narendra Modi (@narendramodi) May 31, 2024
DATA SPEAKS
Finance Minister Nirmala Sitharaman posted on X: “Today’s GDP data showcases robust economic growth with a growth rate of 8.2% for FY 2023-24 and 7.8% for Q4 of FY 2023-24. This remarkable GDP growth rate is the highest among the major economies of the world. It is worthwhile to note that the Manufacturing sector witnessed a significant growth of 9.9% in 2023-24, highlighting the success of the Modi government’s efforts for the sector. Many high-frequency indicators indicate that the Indian economy continues to remain resilient and buoyant despite global challenges. India’s growth momentum will continue in the third term of PM Shri @narendramodi-led government.”
Today’s GDP data showcases robust economic growth with a growth rate of 8.2% for FY 2023-24 and 7.8% for Q4 of FY 2023-24. This remarkable GDP growth rate is the highest among the major economies of the world.It is worthwhile to note that the Manufacturing sector witnessed a… — Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 31, 2024
Trashing Opposition’s claims, Amit Malviya, in-charge of BJP’s National Information & Technology department, wrote on X, “…The transformative impact of your vote is evident as India, steered by a responsible government, has dramatically reversed its developmental course. With accelerated progress, the nation is on track to emerge as the world’s third-largest economy by 2027, surpassing the previous forecast of 2042 set by P Chidambaram, UPA’s Finance Minister. This is a testament to the power of governance in shaping India’s economic destiny.”
The GDP data released by MOSPI, pegs India’s growth for FY2023-24 at 8.2%, highlighting India’s sustained economic expansion, with every sector exuding confidence. This robust growth is evident in several high frequency indicators too:✅ Composite PMI at 14-year high (April… — Amit Malviya (मोदी का परिवार) (@amitmalviya) May 31, 2024
The economic projections are upbeat and also show potential. The PM has made it clear that if re-elected, his third term will focus on Viksit Bharat which means more jobs, focus on youth and economic independence.
SHOT IN THE ARM AMID OPPOSITION ATTACK
The Opposition has been attacking the BJP, accusing it of not doing enough on the economy. It has accused the BJP of not talking of real issues such as price rise and unemployment. It has also accused the PM of making comments which divert attention from core and real issues. In fact, this is where the debate on wealth restriction and redistribution has begun from the Congress.
All this has been rejected by the BJP and PM to make the point that his government has believed in ‘sabka saath sabka vikas’ and also the focus has not been on freebies, but on ensuring the real people get what they need.
ALSO READ | India’s Q4 GDP Grows 7.8%, Surpasses Estimates; FY24 Growth At 8.2%
Sources say that the PM and BJP want to prove not just to India, but also to the world that in its third term, India will be a major player in the world, and enter the realm of trillion dollar economy soon.
A day ahead of the last day of polls, it is a shot in the arm for the government and the BJP and also a potshot at the opposition, notably Rahul Gandhi.
