(Image source from: Canva.com)
The Indian economy saw its highest growth in six quarters with an increase of 8.2 percent from July to September, as factories produced more items expecting an uptick in spending due to the GST rate reduction, based on government statistics. The GDP growth in the second quarter outpaced the 7.8 percent from the previous three months and 5.6 percent from the same period last year. Manufacturing, which accounts for 14 percent of the nation's Gross Domestic Product, grew by 9.1 percent in Q2, a rise from 2.2 percent during the same quarter the previous financial year. According to recent data, India's nominal GDP increased by 8.7 percent during the September quarter. Prime Minister Narendra Modi mentioned that the remarkable GDP figures are a result of "policies that support growth and reforms."
"The 8.2 percent GDP growth in the second quarter of 2025-26 is very positive. It shows how our growth-focused policies and reforms are making a difference. It also highlights the dedication and entrepreneurship of our people. Our government will keep pushing for reforms and improve the standard of living for everyone," PM Modi shared on X.
To achieve the goal of 'Viksit Bharat', which means a developed nation by 2047, India needs to reach an average growth rate of around 8 percent at constant prices over the next ten to twenty years, as stated in the Economic Survey for 2024-25 presented on January 31 this year. India has significantly improved its economic growth. This is evident from its economy's size. In 2013-14, India was ranked 11th and is now the fourth-largest economy. Over the past decade, India has outpaced several other nations in terms of economic size and must now focus on increasing per capita income.
As per official figures, the economy grew by 8.7 percent in 2021-22 and by 7.2 percent in 2022-23. Earlier this year, the World Bank stated that to achieve its goal of becoming a developed country by 2047, India needs to maintain an average growth of 7.8 percent over the next 22 years. However, the World Bank emphasized that reaching this goal will require ambitious reforms and their effective implementation.
