India's economic growth exhibited a notable slowdown in the fourth quarter of 2023, according to the latest figures released on May 31, 2024. The country's Gross Domestic Product (GDP) growth rate reached 7.8%, a decline from the robust 8.4% recorded in the third quarter of the same year.
The year-over-year comparison highlights a decreasing trend in economic expansion as the country continues to navigate post-pandemic recovery challenges. The Q3 2023 GDP growth figure of 8.4% had showcased a strong rebound from previous quarters, but the latest data indicates a tempered pace of economic activity as India adjusts to a new normal.
Policymakers and industry leaders are closely monitoring these developments to strategize and support sustained growth in the coming months. While the 7.8% growth rate is still indicative of a relatively strong economic performance, the deceleration suggests the need for targeted measures to reinvigorate momentum and address underlying structural issues in the economy.
