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India's Economy Surges: 7.8% Growth in Q4
27 Feb
Summary
- India's economy grew 7.8% in the October-December quarter.
- Full fiscal year growth projection revised to 7.6%.
- Government revamps economic data practices for accuracy.
India's economy experienced a significant surge, recording a 7.8 percent growth in the October-December quarter of the current fiscal year. This expansion surpasses earlier estimates and indicates a robust economic trajectory. The government has revised its projection for the full fiscal year ending in March to 7.6 percent, a notable increase from previous forecasts.
These updated economic figures are a result of the government's initiative to revamp its data collection and reporting methodologies. Changes include expanding information sources and updating the base year to 2022-23, aiming to improve data accuracy and address criticisms.
The growth rate for the July-September period has also been revised upward to 8.4 percent. Despite prior trade tensions with the US, which have recently seen a trade deal, the economic outlook remains optimistic. Recent reforms, including consumption tax overhauls, are also being assessed through this new data.
