Prime Minister Narendra Modi termed India's economic growth as 'exemplary' as the nation's Gross Domestic Product (GDP) growth jumped to 7.8 per cent in the first quarter of financial year 2027 (April-June period, FY27). The data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday beat the Reserve Bank of India's (RBI) 7 per cent estimates for the quarter.
"India’s exemplary GDP growth of 7.8% during Q1 of FY 2026-27 is a herculean feat. The collective strength of our people ensured India delivered such growth despite oil price shocks and supply chain issues in the midst of global uncertainties. Doomsayers were doomed, and India bloomed…yet again!," PM Modi said in a post on X.
The PM termed India’s Q1 GDP growth a “herculean feat”, saying that the achievement reflects the collective strength and resilience of the people of India, despite oil price shocks, supply chain disruptions and global uncertainties, according to a PIB release.
India's GDP Beats Estimates
The Indian economy grew faster than expected at 7.8 per cent in the April-June quarter, according to data released on Monday, August 31. This showed India remained strong despite concerns that the Iran war and the resulting global economic uncertainty could impact growth.
This pace, which makes India the world's fastest-growing major economy, also exceeded the Reserve Bank of India's estimate of 7 per cent for the quarter, reflecting the strength of domestic economic activity despite rising geopolitical risks.
The central bank estimates the economy to grow 6.7 per cent for the full financial year 2026-27.
Data Provides Relief To Policymakers
This result will provide some relief to policymakers as they balance efforts to maintain growth with risks from geopolitical tensions and volatile commodity markets.
The Ministry of Statistics and Program Implementation said that real GDP, or GDP at constant prices, is projected to be Rs 81.36 lakh crore in the first quarter of FY27, compared to Rs 75.46 lakh crore in the same quarter of 2025-26.
- The ministry said that the Indian economy is growing steadily despite global difficulties.
- Nominal GDP, or GDP at current prices, is projected to be Rs 88.27 lakh crore in the April-June quarter of the current financial year, implying a growth rate of 10.3 per cent, compared to Rs 80 lakh crore in the first quarter of 2025-26.
- The better-than-expected quarterly performance shows that India's growth momentum has so far remained strong despite external shocks that raised concerns about weak global demand, including rising energy prices, inflationary pressures and the Iran conflict.
(With input from PTI)