India's GDP Grows By 8.2% In Q2, Highest In Six Quarters

The Indian economy recorded a six-quarter high growth of 8.2 per cent in July-September, as factories churned out more products in anticipation of a consumption boost from the GST rate cut, according to government data.

The GDP growth in the second quarter was better than the 7.8 per cent of the preceding three months and 5.6 per cent in the year-ago period.

Manufacturing, which makes up 14 per cent of the country's Gross Domestic Product, rose by 9.1 per cent in Q2, up from 2.2 per cent in the same quarter last financial year. 

India's nominal GDP grew at an 8.7 per cent rate during the September quarter, data showed today.

To boost the domestic economy, Prime Minister Narendra Modi has pushed tax cuts and labour reforms while resisting US demands to strike a trade deal by lowering tariffs across key sectors, including agriculture.

To realise the vision of 'Viksit Bharat', a developed nation dream by 2047, India will need to achieve a growth rate of around 8 per cent at constant prices, on average, for about a decade or two, the Economic Survey document for 2024-25 tabled on January 31 this year asserted.

India has made quite a turnaround, climbing the ladder of economic growth. This can be gauged from the progress in terms of size of the economy. India was placed 11th in 2013-14 and is now the fourth-largest economy. India has surpassed many countries in terms of economic size over the past decade and now needs to continue making progress in terms of per capita income.

According to official data, the economy grew 8.7 per cent and 7.2 percent, respectively, in 2021-22 and 2022-23.

Earlier this year, the World Bank said India will need to grow by 7.8 per cent on average over the next 22 years to achieve its aspirations of becoming a developed country by 2047. 

However, the World Bank asserted that getting there would require reforms and their implementation to be as ambitious as the target itself.