India is one of the fastest-growing major economies in world: PM Modi

Emphasizing the goal of making India a developed nation by 2047, Prime Minister Narendra Modi highlighted the country’s status as one of the fastest-growing major economies globally. He cited the economic statistics for the latest quarter, pointing out the growth rate of 8.4 percent in the financial quarter from October to December 2023 as indicative of India’s rapid development towards achieving the goal of a developed India.

Addressing a public rally in Dhanbad’s Sindri, PM Modi stressed the government’s efforts in the past decade towards the development of Jharkhand, particularly focusing on the welfare of the tribal community, the poor, youth, and women. He reiterated the importance of making Jharkhand a developed state in the journey towards a developed India by 2047.

PM Modi expressed confidence in Jharkhand becoming a source of energy for the resolutions of a developed India. He acknowledged the need for all-round support to Jharkhand in its development efforts.

Chief Minister Champai Soren, speaking at the same event, emphasized the importance of enhancing irrigation facilities in Sindri to benefit the agriculture sector and farmers in the state. Union Minister Arjun Munda highlighted the growth in agriculture production and budget allocation for the sector, indicating progress in agricultural development.

India’s GDP growth of 8.4 percent in the October-December quarter of the current financial year reaffirmed its status as the fastest-growing major economy. The economy has shown consistent growth, with real GDP growth rates of 7.8 percent and 7.6 percent in the preceding two quarters, respectively.

The Reserve Bank of India has projected a GDP growth rate of 7 percent for the current financial year, slightly lower than the National Statistics Office’s initial estimate of 7.3 percent. Domestic demand has been a key driver of India’s economic growth, with the economy growing at 7.2 percent in 2022-23 and 8.7 percent in 2021-22.