The fastest-growing large economy in the world is performing as promised

With unexpectedly strong economic growth figures, India closed 2023 strongly and significantly boosted Prime Minister Narendra Modi in the weeks leading up to a national election. According to the nation’s statistics office, the gross domestic product (GDP) of the fastest-growing major economy in the world increased by 8.4% in the last three months of 2023 over the same time the previous year, following growth of 7.6% in June through September. India’s economy “ended last year with a bang,” according to Thamashi De Silva, assistant India economist at Capital Economics, who noted that the most recent growth is significantly stronger than economists had predicted.

 

“Last quarter, that growth pace was the strongest among major economies,” she continued. The information will increase hope for the world’s most populous country’s economic future. A different estimate released on Wednesday by real estate consulting firm Knight Frank predicts that the proportion of ultra-rich Indians—those with a net worth of at least $30 million—will expand by 50% in the five years leading up to 2028, marking the largest increase in the world. India’s GDP is predicted by the Modi government to grow by 7.6% for the fiscal year ending in March 2024, compared with the IMF’s 6.5% growth prediction.

 

Modi stated on X Thursday that the “strong 8.4% GDP growth…shows the strength of Indian economy and its potential.” “We will keep working to accelerate economic growth so that 140 crore [1.4 billion] Indians can live better lives.” India’s economy will rise quickly to the top of the global economic rankings with continued expansion. The nation’s economy will rise from fifth place in the world rankings to third place by 2027, according to Jefferies analysts.

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