India's Economy Surges as GST Cuts Drive Growth

India's economy grew by 8.2% in July-September, reclaiming the title of the world's fastest-growing major economy. This growth, fueled by GST cuts and increased consumption, was stronger than expected. With public investments and robust consumption, experts predict the economy will reach USD 4 trillion this fiscal year.

India's economy experienced a robust 8.2% growth in the July-September quarter, marking a promising return to the world's fastest-growing major economy, according to recent data. This unexpected surge was significantly propelled by increased production before the implementation of GST rate cuts.

Behind the impressive growth figures were various factors, including higher public investments, rising industrial output, and strong consumer demand. Furthermore, the inflation indices showed a favorable decline, boosting private expenditure levels across the country.

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman celebrated the growth figures, attributing them to prior economic reforms and fiscal consolidations. Meanwhile, experts anticipate the economy surpassing USD 4 trillion this fiscal year, promising continued momentum amidst positive economic indicators.

(With inputs from agencies.)