"Gross domestic product rose 8.2%in the three months through September from a year earlier, the Statistics Ministry said Friday, beating all 38 estimates in a Bloomberg survey of economists and much faster than the 7.4% median forecast."
"In a post on X, Prime Minister Narendra Modi called the GDP number "very encouraging," saying it reflects the impact of the government's "pro-growth policies and reforms.""
"Economists such as Sonal Varma of Nomura Holdings had earlier expected the Reserve Bank of India to cut rates on Dec. 5, but she now says it may be a "close call." "India's Goldilocks macro mix - high growth, low inflation - is unique," Varma said."
"As a result of the robust data, full-year growth is now projected to be at least 7%, up from6.3%-6.8% earlier, V. Anantha Nageswaran, India's Chief Economic Advisor, told reporters in New Delhi."
India's economy expanded 8.2% year-on-year in the quarter through September, outpacing forecasts and marking the fastest growth in six quarters. Stronger manufacturing and financial services activity powered the outturn, and earlier central bank rate cuts likely supported demand. Robust data pushed up sovereign five-year bond yields and reduced near-term chances of an interest-rate cut at the next policy meeting. Full-year growth projections were raised to at least 7% from previous 6.3%-6.8% estimates. Persistent uncertainty over trade talks and steep US tariffs could limit momentum in remaining quarters despite the current growth strength.
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