On the Back of 8.2% GDP Growth for FY24, Modi Govt Seeks Third Term in Office

Ahead of the final phase of the Lok Sabha elections, India’s economy received a significant boost as government data unveiled a growth of 7.8 percent in the March quarter and a revised GDP of 8.2 percent for the full year, under the leadership of Prime Minister Narendra Modi.

These latest GDP figures come just before the Lok Sabha election results are due. Prime Minister Modi, heading the ruling NDA coalition, expresses confidence in surpassing the 400-seat mark in the 543-member Lok Sabha.

The released GDP data highlights that India’s economy expanded by 7.8 percent in the March quarter, with an annual growth rate of 8.2 percent. However, the growth rate in the fourth quarter was slightly lower compared to the 8.6 percent expansion in the December quarter.

Notably, the GDP had grown by 6.2 percent in the January-March period of the 2022-23 fiscal year, according to the data. The NSO’s second advance estimate projected the country’s growth at 7.7 percent for 2023-24. Meanwhile, China reported an economic growth of 5.3 percent in the first three months of 2024.

Prime Minister Modi outlined his vision for a potential third term in office in an interview with HT earlier this month. He emphasized a focus on imparting momentum across sectors towards realizing this vision, including plans for the first 100 days of the government.

“I am committed to strengthening and structuring the GYANM model that empowers our Gareeb, Yuva, Annadata, Nari Shakti, and Middle Class in such a way that they become the architects of Viksit Bharat,” he stated.