Gross domestic product in India surged 8.4% in the final three months of 2023 compared with a year prior, up from growth of 7.6% in the June-to-September period, the country’s statistics office said Thursday.
The latest rise is much stronger than analysts expected and means India’s economy “ended last year with a bang,” Thamashi De Silva, assistant India economist at Capital Economics, wrote in a note.
“That pace of growth was the strongest among major economies last quarter,” she said, also noting that in 2023 as a whole GDP grew 7.7%.
Analysts at Jefferies expect the country to become the world’s third-largest economy by 2027, up from fifth currently.
But “any slowdown in growth will be mild, particularly as the government’s infrastructure drive is likely to prop up activity,” she added.
Persons:
“, Thamashi De Silva, ”, Narendra Modi, Elon Musk, India “, Modi, ” Musk, De Silva
Organizations:
London CNN, Gross, Capital Economics, Monetary Fund, Jefferies, Apple
Locations:
India, China, Washington, Beijing