India is one of the fastest-growing major economies in world: PM Modi

Dhanbad (Jharkhand), Mar 01: Stressing the importance of making India a developed nation by 2047, Prime Minister Narendra Modi on Friday said that India is one of the fastest-growing major economies in the world today and highlighted the economic statistics for the latest quarter that emerged yesterday.

Addressing a public rally in Dhanbad's Sindri, PM Modi underlined that the growth rate of 8.4 percent registered during the financial quarter from October to December 2023 showcases India's growing potential and fast-paced development towards realising the goal of Viksit Bharat.

"In the last 10 years, we have worked for Jharkhand while prioritizing the development of the tribal community, poor, youth and women. We have to make our country 'Viksit' before 2047. India is among the fastest-moving economies in the world... India has performed better than all expectations. The economic growth rate for the quarter of Oct-Dec was 8.4 per cent... For a 'Viksit Bharat', making Jharkhand a developed state is equally important," the Prime Minister said.

"It is equally important to make Viksit Jharkhand for the creation of Viksit Bharat", the Prime Minister said, highlighting the government's all-round support to the state in its endeavor to become developed.

PM Modi expressed confidence that the land of Bhagwan Birsa Munda will become the source of energy for the resolutions of Viksit Bhart.

The Prime Minister made a short speech as he had to proceed to Dhanbad. He said that dreams and resolutions will get further strengthened and concluded with best wishes and congratulations for the people of Jharkhand.

Meanwhile, at a public rally in Dhanbad's Sindri Chief Minister Champai Soren said, "We have to prosper Jharkhand. In Sindri, we need to enhance the irrigation facilities...Today is a special day for the state as the Prime Minister is here...The production of the Sindri plant will benefit the agriculture sector in the state and our farmers in many ways."

Union Minister Arjun Munda said that agriculture produce in 2013-14 was 265 million tonnes, and it was 329 million tonnes in 2022-23.

"In 2013-14, budget allocation in the agriculture sector was Rs. 21,933 crore. Today in 2023-24, it is Rs.1,15,531 crores... Agriculture produce in 2013-14 was 265 million tonnes, and it was 329 million tonnes in 2022-23," he added.

India's GDP grew at a huge 8.4 per cent during the October-December quarter of the current financial year and the country continued to remain the fastest-growing major economy.

The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September, data released by the Ministry of Statistics and Programme Implementation on Thursday showed.

India's real GDP growth for the current financial year ending in March 2024 is also pegged at 7 per cent by the Reserve Bank of India. It is 30 basis points lower than the National Statistics Office's first estimates 7.3 per cent.

The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.