India Continues To Be World's Fastest-Growing Economy, Thanks To Modinomics: BJP

New Delhi: India continues to remain the fastest-growing economy in the world, the BJP said on Thursday as the country recorded a 7.8-per cent GDP growth in the April-June period of 2023-24, the highest in the last four quarters, on the back of double-digit expansion in the services sector. In a world grappling with decelerating global activity and a gloomy outlook, India is "truly a bright spot", Bharatiya Janata Party's (BJP) IT department head Amit Malviya wrote on X. "India remains the fastest-growing major economy, as China's GDP growth, for the same period, was at 6.3 per cent," he said.

"The growth can be attributed to central and state governments-led capital expenditure, stronger consumption demand and higher activity in the services sector," he added. Malviya said India has demonstrated a "remarkable" economic trajectory, underpinned by a series of accelerated structural reforms.

The country's judicious and measured response to the twin challenges of the COVID-19 pandemic and subsequent geopolitical upheavals fortified its economic resilience, enabling a swift recovery amidst global uncertainties, he added. Earlier in the day, the BJP had said various growth parameters indicate that India continues to be the fastest-growing economy in the world, attributing the feat to "Modinomics".

The party had also hoped that India's Gross Domestic Product (GDP) data for the first quarter of the current fiscal should come at around 8 per cent. The increase in both rural and urban demand, the consumption pattern, the Goods and Services Tax (GST) collection and various other parameters provide "very good indications" for the future, BJP's national spokesperson Syed Zafar Islam told a press conference at the party headquarters here.

"With festivals approaching, there will be further increase in demand. The economy of the country will be in a much better position. The growth momentum will also increase further," he said, giving credit to "Modinomics" -- Prime Minister Narendra Modi's economic vision.

"The GDP data for the first quarter is going to come today. I don't know what will the figure be, but the speed of growth indicates that it will be around 8 per cent," the BJP leader said.  He said 8 per cent is a "fabulous" number and added that "it only shows that India's economy is not just growing, but growing at a very fast pace".

India continues to be the fastest-growing economy in the world while the economy of other countries, including that of China, is contracting, Islam said. The BJP spokesperson said the prime minister has taken several "decisive and visionary" decisions to strengthen the country's economy, with a "special focus" on increasing the income of people.

"There is no inflation in the country due to the policies of our government. Slight inflation that happens due to seasonal factors is also now under control," he said. "People's income is increasing. Consumption indicates an increase in income. People are in a better position today," Islam said.

He added that the prime minister has also taken several "key initiatives" in the social welfare sector. "Over the last nine-and-a-half years, Prime Minister Modi has rolled out as many as 313 public welfare schemes and programmes that have empowered the poor and needy across the country," Islam said.

The Modi government has "successfully" faced several challenges in these nine-and-a-half years, turning "challenges into opportunities", the BJP leader said. "The manner in which Prime Minister Modi has secured our country and also given a fillip to our economy, the entire world is awestruck and appreciates his efforts," he added.