India's Q4 GDP growth: 7.8% in January-March quarter

India's economy exhibited a growth rate of 7.8% in the January-March quarter compared to the previous year, as revealed by government data, although showing a slight deceleration from the 8.4% growth observed in the preceding quarter. The manufacturing sector saw a notable rise of 8.9% year-on-year in the same period, albeit lower than the revised expansion of 11.5% in the prior quarter, while agricultural output growth accelerated to 0.6%, up from the revised 0.4% growth in the previous quarter.

According to the National Statistical Office (NSO), India's GDP expanded by 6.2% in the January-March period of the 2022-23 fiscal year, marking a significant advancement. Furthermore, the NSO's second advance estimate of national accounts reported a robust growth of 8.2% for the entire fiscal year 2023-24, surpassing the 7% growth recorded in the preceding fiscal year.

Moody's Ratings projected India's economic growth to reach 6.8% in the current year and 6.5% in 2025, attributing it to a strong economic expansion and post-election policy continuity. The outlook remains optimistic, with India poised for consistent annual real GDP growth between 6-7%.