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In a significant boost to the Narendra Modi government ahead of the final phase of the Lok Sabha elections, India's economy expanded by an impressive 7.8 per cent in the March quarter, leading to a full-year Gross Domestic Product (GDP) growth rate revision to 8.2 per cent, as per government data released on Friday.
The latest GDP figures come at a crucial time, just days before the announcement of the Lok Sabha election results. Prime Minister Narendra Modi, leading the ruling National Democratic Alliance (NDA) coalition, has expressed confidence in surpassing the 400-seat mark in the 543-member Lok Sabha.
According to the data released by the National Statistical Office, the Indian economy witnessed a 7.8 per cent growth in the March quarter, while the annual growth rate stood at 8.2 per cent. The growth rate in the fourth quarter was slightly lower than the 8.6 per cent expansion recorded in the December quarter.
The gross domestic product (GDP) had expanded by 6.2 per cent in the January-March period of the 2022-23 fiscal year. In its second advance estimate of national accounts, the NSO had earlier projected India's growth at 7.7 per cent for 2023-24.
In comparison, China's economy registered a growth rate of 5.3 per cent in the first three months of 2024.
Prime Minister Modi, in an interview with HT earlier this month, outlined his vision for a third term in office. He emphasized the significance of imparting momentum across sectors to realize this vision, with specific plans for the first 100 days of the government.
The Prime Minister stated, "The big theme of our third term is about imparting momentum across sectors towards the realization of this vision. From plans for the next five years to the plan for the first 100 days of the government, we are ready with many targets and are raring to go."
Prime Minister Modi also expressed his commitment to strengthening and structuring the GYANM model, which aims to empower the poor, youth, farmers, women, and middle class, enabling them to become architects of a developed India (Viksit Bharat).
Source: Big boost to Modi govt ahead of final phase of Lok Sabha elections, FY24 GDP strong at 8.2%