The 16th Finance Commission chairman Arvind Panagariya on Friday said GDP growth at 8.2% for 2023-24 is a 'great news for India'. 'As predicted, the GDP growth rate for 2023-24 crossed the 8% mark and lands at a comfortable 8.2%. Great news for India!!,' Panagariya said in a post on X.
According to the National Statistical Office (NSO) data released on Friday, India's economy grew at a four-quarter low of 7.8% in the March quarter.
The economy grew 8.2% in the June quarter, 8.1% in the September quarter, and 8.6% in the December quarter. The GDP expanded at 8.2% in 2023-24 fiscal, higher than 7% recorded in 2022-23.
ICRA Chief Economist Aditi Nayar said the sequential slowdown in GDP growth was driven by investment activity, even as private consumption maintained a bland 4% rise and government consumption expenditure turned around to a mild growth from a contraction.
'With transient factors likely to dampen growth in H1 FY2025, we expect the GDP growth to decelerate from the 8.2% recorded in FY2024,' Nayar said.
PHDCCI President Sanjeev Agrawal said India's growth at 8.2% in FY 2023-24 is a reflection of the efforts for Viksit Bharat by 2047. The growth momentum is expected to continue and strengthen in the coming times, Agrawal said.
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