Key Points
. Indias economy grewby more than 8% in the fiscal year that ended in March, according to data published Friday that gives a boost to Prime Minister Narendra Modi just hours before the country concludes its mammoth, weeks-long national election.. . Gross domestic product (GDP) increased by 8.2%, according to the Statistics Ministry, cementing Indias status as the worlds fastest growing major economy..
We expect economic activity to moderate a bit further over the coming quarters, but India will remain a global outperformer, said Ankita Amajuri, assistant economist at Capital Economics.. . Theres less than 24 hours to go before polls close in the election.. . Modi is running on his economic record over the past 10 years, a period of robust growth for India..
Sustained expansion will push India higher up the ranks of the worlds biggest economies, with some observers forecasting the country to become number three behind only the US and China by 2027.. . India is widely seen as an alternative to China for countries and companies looking to diversify their supply chains, particularly as the relationship between Washington and Beijing sours.. ..
After China, India is the only economy that can achieve economies of scale, due to its large market, wrote Nomura economists in a report earlier this week.. . India is one of the few economies that is garnering investor interest across a variety of sectors, they added.. ..
Earlier this week, Indias capital territory of Delhi recorded its highest-ever temperature of 49.9 degrees Celsius (121.8 degrees Fahrenheit), and the oppressive heat wave forced authorities to impose water rationing.. . Rising mercury levels in India risks reversing progress on poverty alleviation, health and economic growth, experts say.. ..
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