India's economy witnessed a robust expansion in the first quarter of the year, surpassing expectations. According to preliminary data released by the statistical office on Friday, the gross domestic product (GDP) increased by 7.8% year-on-year, following a revised growth rate of 8.6% in the December quarter.
Economists had anticipated a growth rate of 6.7%. In comparison, the GDP growth was 6.2% in the same quarter of the previous year.
Furthermore, the statistical office announced that the annual growth rate for the fiscal year 2023-24 was 8.2%, an upward revision from the earlier estimate of 7.6%. This marks a significant improvement over the 7.0% expansion recorded in the fiscal year 2022-23.
