Growth in GDP is sustained despite global headwinds, says Sitharaman
New Delhi, May 31 -- India is sustaining a high growth rate despite global headwinds and remains the world's fastest growing major economy for the fourth year in a row, powered by the manufacturing, services and agriculture sectors, Union finance minister Nirmala Sitharaman said on Friday.
"Just a couple of hours ago, we had our GDP numbers. I'm glad and I'm sure, many of you would have already seen it. India's industry, the manufacturing activity, all have been so good during the fourth quarter," she said at the Lakshmipat Singhania-IIM, Lucknow National Leadership Award ceremony, minutes after the government released the Gross Domestic Product (GDP) numbers. India's GDP grew 7.4% in the fourth quarter of 2024-25 and saw 6.5% growth in fiscal year 2025.
The finance minister said that all engines of growth - manufacturing, services and agriculture-have propelled the growth of the Indian economy in the January-March quarter and hinted that the economy would perform well in the current financial year because of expected good monsoon.
"India is sustaining this growth as the fastest growing economy now for the fourth year continuously without a break, thanks to the work of our small, medium and large industries, which are coming in and making sure our manufacturing capacity, our service capacity, are all intact. And agriculture has also sustained us," she said.
The 6.5% GDP growth in 2024-25 came on a higher base of the previous financial year (2023-24), when the economy grew 9.2%.
The 7.4% growth in the March quarter was also on a high base of 8.4% growth in the same period of last fiscal year.
Addressing the gathering of academicians, businessmen, professionals, scientists and social workers, Sitharaman said the GDP numbers belied naysayers' assumptions that manufacturing was slowing down in the fourth quarter and the industry was not investing enough or adding new capacities, which could adversely impact the Indian economy.
The finance minister also said that the government is striking a balance between growth and development by focusing on upliftment of the deprived section of the society as well as investing in science and technology....
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