India’s economy demonstrated robust recovery momentum as it recorded a GDP growth rate of 8.4% in the second quarter of the fiscal year 2023. This growth, reported by the Ministry of Statistics and Programme Implementation, highlights the resilience and revival of key economic sectors despite ongoing global challenges.
The second-quarter GDP growth rate marks a significant acceleration from the previous quarter, driven by strong performance in manufacturing, services, and agriculture sectors. The manufacturing sector expanded by 9.5%, while services and agriculture sectors registered growth rates of 8.8% and 3.6%, respectively.
Finance Minister Nirmala Sitharaman welcomed the GDP figures, noting the positive impact of government policies and reforms on economic recovery. “India’s GDP growth of 8.4% reflects the effectiveness of our economic strategies and the resilience of our economy. We remain committed to sustaining this growth momentum through continued reforms and investments,” Sitharaman stated.
The recovery in consumer demand, coupled with increased industrial production and exports, contributed significantly to the GDP expansion. The government’s efforts to stimulate economic activity through infrastructure spending and financial support measures for businesses have also bolstered growth prospects.
Prime Minister Narendra Modi highlighted the broad-based recovery across sectors and regions. “The robust GDP growth in the second quarter underscores India’s economic resilience and potential. We are focused on accelerating growth, creating jobs, and ensuring inclusive development for all sections of society,” Modi tweeted.
Despite the positive economic outlook, challenges such as inflationary pressures and global supply chain disruptions remain areas of concern. Economists and analysts emphasize the importance of sustaining growth momentum through policy support, investment in infrastructure, and structural reforms.
As India navigates the path to economic recovery, policymakers and industry stakeholders continue to monitor developments closely, aiming to sustain growth momentum and foster a conducive environment for business and investment.