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“Manufacturing sector has grown at 9.9% in 2023-24,” says FM Sitharaman, praising GDP growth

Posted on by darion

In a recent post on X (formerly Twitter), she highlighted the significant increase in production and the resilience of the economy in the face of global challenges.

In her post, Sitharaman highlighted, “It is worth noting that the manufacturing sector has recorded a significant growth of 9.9% in 2023-24, highlighting the success of the Modi government’s efforts in this sector. Many high-frequency indicators indicate that the Indian economy remains resilient and resilient despite global challenges. India’s growth momentum will continue in the third term of the government under the leadership of Prime Minister Shri @narendramodi.”

The growth rate of 8.2% represents a significant improvement over the 7.0% recorded in the previous financial year, driven by significant progress across sectors.

The manufacturing sector in particular stood out with a growth of 9.9%, reflecting the positive impact of government policies such as ‘Make in India’.

The data reflects the strong performance in Q4 where real GDP rose to Rs 47.24 lakh crore, implying a strong growth rate of 7.8%.

At the same time, the real gross value added reached Rs 42.23 lakh crore, an increase of 6.3%. These numbers highlight the continued dynamism and resilience of the Indian economy across sectors.

Dharmakirti Joshi, Chief Economist, CRISIL Ltd, stressed that increased interest rates are likely to reduce consumer spending and investment in non-farm sectors.

Despite the overall moderation, Joshi predicts improved performance in the agricultural sector.

Joshi said: “We expect economic growth to slow to 6.8 per cent in the current fiscal, with high interest rates and lower fiscal impulse (due to a reduction in deficit to 5.1 per cent in FY2025) reducing demand in non-farm sectors “.

Joshi added, “However, agriculture is expected to improve its performance in the current fiscal due to normal monsoons and favorable base effect. In fiscal year 2024, agriculture grew 1.4 percent, well below the pre-pandemic ten-year average of 4.4 percent.”

Anshuman Magazine, president and CEO of CBRE India, Southeast Asia, Middle East and Africa, highlighted the solid nature of economic growth, stating: “This impressive growth, driven by increased infrastructure spending and strong consumer optimism, broadens the Services PMI and higher collections taxes have strengthened India’s economic momentum despite global headwinds.”

Several government initiatives have helped fuel this growth. The focus on infrastructure development, fiscal discipline and strategic economic reforms has laid a strong foundation for further economic expansion. (OR)

This report is auto-generated from ANI news website. ThePrint is not responsible for their content.