GDP Growth May Touch ‘Very Close’ To 8%, Says RBI Governor Shaktikanta Das

India's gross domestic product (GDP) grew 8.4 per cent in the October-December period, boosted by double-digit expansion in the manufacturing sector, according to official data released on Thursday.

After strong numbers in Quarter 3 GDP Growth, RBI governor Shaktikanta Das said that the Indian economy’s GDP growth in the current fiscal year ending in March could be “very close” to 8% in an interview with television channel ET Now on Wednesday.

“I would not hesitate to say that India’s GDP growth in FY24 will exceed 7.6 per cent, it might be closer to 8 per cent,” he said in an interview with the news channel ET Now.

He said India may grow at 7 per cent in FY25, as indicated by the RBI’s Monetary Policy Committee (MPC).

India’s gross domestic product (GDP) grew 8.4 per cent in the October-December period, boosted by double-digit expansion in the manufacturing sector, according to official data released on Thursday. That was much higher than 7.6 per cent in the previous quarter and 4.3 per cent in the third quarter of 2022-23. 

“Our sense and understanding of the high frequency indicators and the momentum of economic activity tells us that this 5.9% growth (expected) in Q4 could be exceeded and when that happens, obviously, the (full year) growth will be more than 7.6%,” Das said.