Narendra Modi reports India's economy grew by 7.8% in the quarter ending in June.
India's economy grew by 7.8% in the quarter ending in June, exceeding expectations from both the Reserve Bank of India and market analysts. The growth was primarily driven by strong performance in the financial, real estate, information technology, and professional services sectors, while manufacturing and services sectors showed sharp improvements. Agriculture and allied sectors reported more tepid growth during this period. Prime Minister Narendra Modi stated that the country's progress reflects the collective power and hard work of its citizens despite global crises and supply chain disturbances. He noted that the 7.8% growth rate surpassed the 7.0% forecast made by the central bank. While the growth rate slowed from the previous quarter's 8.6% rate, it remained robust enough to keep India as the world's fastest-growing major economy. The administration noted that the growth was achieved despite geopolitical uncertainty and the impact of high energy prices, which contributed to a steady climb in inflation to 4.45% in July.