The Narendra Modi government's 10th year ended with an impressive _ 8.2 per cent economic growth rate in 2023-24 (FY24), aided by a greater-than-expected expansion of 7.8 per cent in the fourth quarter, according to the provisional estimates of gross domestic product (GDP) growth released by the National Statistical Office (NSO) on Friday.
This marks the ninth time since 1961-62 that GDP growth has crossed the 8 per cent threshold.
In the 10 years of the Modi government, the economy expanded at an average rate of 6 per cent, compared to the average 6.82 per cent growth seen under the Congress-led government of Manmohan Singh. A 5.8 per cent contraction in GDP in FY21, due to the Coronavirus pandemic, weighed against this government's economic record.
Lauding the high GDP growth in FY24, Prime Minister Modi on Friday said it underlines robust momentum in the economy which is poised to accelerate further. "As I've said, this is just a trailer of things to come," he posted on X.
Union Finance Minister Nirmala Sitharaman termed the GDP growth rate as "remarkable", noting that India outpaced all other major economies worldwide. She expressed confidence that the country's growth momentum would continue into Modi's third term as Prime Minister.
This story is from the June 01, 2024 edition of Business Standard.
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This story is from the June 01, 2024 edition of Business Standard.
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