India Q4 GDP Growth Data Live Updates: Economy Surges by 7.8% in Q4; FY24 Growth Hits 8.2%, Surpassing Expectations
India’s GDP growth for the fourth quarter of the fiscal year 2023-24 reached 7.8%, while the full fiscal year’s real GDP growth provisionally stands at 8.2%. The Q4 FY24 GDP growth data, released at 5:30 PM today, exceeded expectations, as various polls had predicted a slowdown to an annual growth rate of 6.7% in the last quarter. Unexpectedly, the Indian economy had previously grown at 8.6% in the third quarter (October-December 2023) of FY24, leading economists to believe that such a growth rate was unlikely to continue in the fourth quarter.
In its annual report, the Reserve Bank of India (RBI) has projected that the Indian economy will grow at 7% in the current fiscal year FY25. India remains the world’s fastest-growing major economy and is currently the fifth largest globally. It is anticipated to become the third largest economy after the US and China in the coming years.
The RBI highlighted that the Indian economy expanded robustly in 2023-24 (April 2023 to March 2024 financial year), with real GDP growth accelerating to 7.6% from 7.0% in the previous year. This marks the third consecutive year of 7% or higher growth.