GDP increased due to record growth in Q2, impact of government reforms and Make in India

Union Commerce and Industry Minister Piyush Goyal said on Saturday that India’s higher-than-expected 8.2% GDP growth in the July-September quarter reflects the government’s continuous reforms and steps to make business easier. Speaking during a national tour in Gujarat, he said that these figures have further strengthened India’s identity as the fastest growing major economy despite trade difficulties across the world.

Union Minister Piyush Goyal said that many major steps taken to promote domestic manufacturing and make business easier have helped in growth. According to news agency PTI, he said that the growth of 8.2% shows many reforms of the government. Many steps have been taken to promote domestic manufacturing and make doing business easier.

Increase in exports

This padyatra, organized by the Gujarat government on the 150th birth anniversary of Sardar Vallabhbhai Patel, is taking place from Karamsad to the Statue of Unity. According to PTI report, the minister also said that there is a good growth in exports. During April-October this financial year, exports of goods have increased by 0.63% to $254.25 billion. During the same period, imports increased by 6.37% to $451.08 billion. He said that the new data has proved the claims of some quarters wrong and said that India will continue to grow steadily.

According to the report, services exports increased to $237.55 billion in the first nine months of this financial year, which was $216.45 billion in April-October 2024 last year. According to government data, 8.2% GDP growth came after 7.8% in April-June due to strong government investment, demand for services, better industry output and increased purchasing power, which also benefited from last year’s low base. Manufacturing grew 9.1% in Q2, while construction grew 7.2%. Prime Minister Narendra Modi also described the performance of Q2 as very good and Finance Minister Nirmala Sitharaman said that due to reforms, increasing purchasing power of the people and financial management of the government, India remains ahead in global growth.