India: 7.6% year-on-year growth between July and September – 11/30/2023

New Delhi (awp/afp) – India’s gross domestic product (GDP) grew 7.6% year-on-year during the July to September quarter, according to official data released Thursday, a performance welcomed by Prime Minister Narendra Modi.

The GDP growth figures for the pending second quarter (July-September) “show the resilience and strength of the Indian economy in these difficult times for the entire world”, an elated Modi said in a press release.

“We are determined to ensure rapid growth to create more opportunities, immediately eradicate poverty, and improve the ease of life of our people,” he stressed.

Last month, the World Bank reported that India’s economy is expected to grow by 6.3% in the 2023/2024 financial year, driven by investment and strong domestic demand.

In the first quarter ending June, the economy recorded growth of 7.8%.

The South Asian country, which is the most populous country in the world, surpassing China, with a population of 1.4 billion people, has the fastest growth rate among the world’s large countries, despite challenges, including tightening global financial conditions, war in Ukraine and geopolitical tensions.

India became the fifth largest economy in the world last year, ahead of Britain.

In the 2022/23 fiscal year ending in March, its economic activity grew by 7.2%, the second highest among G20 countries.


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