PM Modi Declares India Among World’s Fastest-Growing Major Economies

Prime Minister Narendra Modi emphasized the significance of India becoming a developed country by 2047 on Friday, pointing out that the country has one of the world’s fastest-growing major economies at the moment and highlighting the figures for the most recent quarter that were released yesterday. Speaking at a public rally in Sindri, Dhanbad, Prime Minister Modi emphasized that the 8.4% growth rate during the October–December 2023 fiscal quarter demonstrates India’s rapidly expanding potential and rapid progress towards achieving the goal of Viksit Bharat.

“In the last 10 years, we have worked for Jharkhand while prioritizing the development of the tribal community, poor, youth and women. We have to make our country ‘Viksit’ before 2047. India is among the fastest-moving economies in the world… India has performed better than all expectations. The economic growth rate for the quarter of Oct-Dec was 8.4 per cent… For a ‘Viksit Bharat’, making Jharkhand a developed state is equally important,” the Prime Minister said.

“It is equally important to make Viksit Jharkhand for the creation of Viksit Bharat”, the Prime Minister said, highlighting the government’s all-round support to the state in its endeavor to become developed.
PM Modi expressed confidence that the land of Bhagwan Birsa Munda will become the source of energy for the resolutions of Viksit Bhart.

The Prime Minister had to leave for Dhanbad, so he gave a brief speech. He wished the people of Jharkhand congratulations and expressed hope that their dreams and resolutions would only grow stronger. Meanwhile, Chief Minister Champai Soren of Sindri said, “We have to prosper Jharkhand,” during a public rally in Dhanbad. We must improve the irrigation systems in Sindri. The Prime Minister is in the state today, making it a special day. The cultivation of the Sindri plant will have numerous positive effects on our farmers as well as the state’s agricultural industry.” According to Union Minister Arjun Munda, agricultural output reached 265 million tonnes in 2013–14 and 329 million tonnes in 2022–2023 years.

“In 2013-14, budget allocation in the agriculture sector was Rs. 21,933 crore. Today in 2023-24, it is Rs.1,15,531 crores… Agriculture produce in 2013-14 was 265 million tonnes, and it was 329 million tonnes in 2022-23,” he added.
India’s GDP grew at a huge 8.4 per cent during the October-December quarter of the current financial year and the country continued to remain the fastest-growing major economy.

In the two quarters prior, April-June and July-September, the Indian economy expanded by 7.8% and 7.6%, respectively, according to data released on Thursday by the Ministry of Statistics and Programme Implementation. The Reserve Bank of India has set a 7% real GDP growth rate for the current fiscal year, which ends in March 2024. Compared to the initial projections of 7.3% by the National Statistics Office, it is 30 basis points lower. Over the last three years, the economy has grown at a rate of more than 7% thanks to the strength of domestic demand. India’s GDP expanded by 7.2% in 2022–2023 and 8.7% in 2021–2022, in that order.