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At 7.8% year on year, India’s growth rate towers above the growth rate in several other leading economies

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Dr. V. Anantha Nageswaran, Chief Economic Adviser (CEA), Ministry of Finance, said that at 7.8% year on year, India’s growth rate towers above the growth rate in several other leading economies. India’s economic growth maintained the strong momentum witnessed in the final quarter of FY23, he added.

The CEA was briefing media on 31st August after the release of the estimates of Gross Domestic Product (GDP) for the April-June quarter (Q1) of 2023-24, both at Constant (2011-12) and Current Prices, by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation in New Delhi today evening.

The biggest positive for Indian economy is that the private sector capital formation is well underway. This augurs well for future employment and income growth of Indian households, the CEA said. He further highlighted that the new Investment projects announced by the Private Sector have been highest in Q1 of FY2023-24 in 14 years.