India fastest-growing economy, second-quarter growth highest in world: Sitharaman in Rajya Sabha

New Delhi [India]: Union Finance Minister Nirmala Sitharaman on Thursday said that India’s second-quarter growth is the highest in the world as the country continues to be the fastest-growing economy.
The minister while replying to a debate in Rajya Sabha on the economic situation in the country which was held over three days with participation of a large number of members.

“India’s second quarter growth is the highest in the world as India continues to be the fastest-growing economy. The third and fourth largest economies (Japan and Germany) have contracted as well as emerging economies. In comparison, India’s over 7 per cent growth is significant,” Nirmala Sitharaman said.

The Indian economy grew 7.6 per cent during the July-September quarter of the current financial year 2023-24. India’s GDP growth for the April-June quarter grew 7.8 per cent.

She also said that India’s merchandise export has increased by 6.21 per cent to $ 33.57 billion in October.
Sitharaman also quoted dates of similar discussions in the past to refute allegations by Congress that the government has not been willing to hold debate on the economy.

She said that all the sectors of the country are growing due to the policies of the central government.
“All sectors are growing significantly. Because of the Make in India programme and PM Modi’s schemes, the manufacturing sector is also significantly contributing to the economy. The manufacturing sector is contributing 13.9 per cent to the economy. The Purchasing Managers Index (PMI) in November was 56.

It is in the expansionary territory, so sustained growth is indicative of the growth,” she said, adding that the developed economies are showing a contractionary manufacturing PMI, in comparison.