Finance Minister Nirmala Sitharaman highlighted India’s robust economic growth on Friday, noting that it is the highest among major global economies. She described the 8.2% GDP growth for FY 2023-24 and the 7.8% growth for Q4 of FY 2023-24 as “remarkable.”
Sitharaman emphasized the significant 9.9% growth in the manufacturing sector, attributing this success to the Modi government’s efforts. “This growth underscores the success of our government’s initiatives for the sector. Despite global challenges, many high-frequency indicators show that the Indian economy remains resilient and buoyant,” she said. “India’s growth momentum will continue into the third term of the PM Modi-led government,” she added.
The RBI’s annual report also pointed out that emerging sectors like renewable energy and semiconductors are expected to advance rapidly due to recent government initiatives. The interim Union Budget 2024-25, which allocates Rs 6,903 crore for semiconductor and display fabs, is expected to make India a global hub for chip and electronics manufacturing.
Investments under the production-linked incentive (PLI) scheme are anticipated to gain further momentum, creating new employment opportunities, improving labor incomes, and strengthening domestic demand, according to the report.
