India's economy grew at a faster-than-expected pace of 7.8% year-on-year in the January-March quarter.
The gross domestic product, opens new tab growth in the first three months of 2024, the fourth quarter of 2023/24 fiscal year, was lower than a revised 8.6% expansion in the previous quarter, government data released on Friday showed.Employees check the trunk door on the bodywork of a Volkswagen AG Vento automobile on the production line at the Volkswagen India Pvt. plant in Chakan, Maharashtra, India, on Thursday, Sept. 11, 2014.India's economy grew at a faster-than-expected pace of 7.
The growth figures will be a boost for Indian Prime Minister Narendra Modi, who is largely expected to win a third term in theManufacturing output rose 8.9% year-on-year in the three months ending in March, compared with a revised expansion of 11.5% in the previous quarter, while farm output growth accelerated to 0.6% after revised 0.4% growth in the previous quarter, the data showed.
High-frequency indicators data for April including auto sales, housing loans and fuel consumption reflected strong urban consumer demand, though there were concerns about weak rural demand despite forecasts of aeconomy expanding at 1.3% annualised rate in March quarter amid signs of inflation easing, strengthening hopes of a pick up in India's, adding that regardless of the outcome of the national elections it expected broad continuity in economic reforms and fiscal policies.
It expects the economy to grow at 6.8% in the current fiscal year starting April, and close to 7% annually over the next three years.
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