India Q1 GDP grows 7.8% beating forecasts

India's economy grew at a robust 7.8 percent in the April-June quarter, surpassing forecasts and marking a strong start to the new financial year despite global economic headwinds. The expansion, reported by the Ministry of Statistics and Programme Implementation on August 31, exceeded the Reserve Bank of India's 7 percent projection and economists' expectations of around 7.1 percent. The growth rate was higher than the 6.9 percent recorded in the same quarter of the previous year, though it represented a slowdown from the 8.6 percent expansion in the preceding January-March period. Prime Minister Narendra Modi hailed the performance as a "herculean feat," attributing it to the collective strength of the Indian people. "Doomsayers were doomed and India bloomed yet again," he stated in a social media post, noting the economy's resilience amid oil price shocks, supply chain disruptions, and global uncertainties stemming from ongoing conflicts. Finance Minister Nirmala Sitharaman credited the results to the hard work of citizens and the impact of government reforms, stating that the NDA government's "agile management of the economy" was bearing fruit.