After he inaugurated the Global Fintech Fest, Modi noted the turbulent setting of ongoing conflicts and strained supply chains. Yet, he stated that India's economy is expanding at 7.8%, adding that "it gives lots of confidence to the world." He added that the government's "reforms express" will continue and said India will aim to link its digital payments system with countries that have a strong Indian diaspora.
India's April-June growth came in stronger than expected, with manufacturing, construction and services doing the heavy lifting. Signs of an investment pickup suggest private companies may finally be adding capacity alongside the government's infrastructure drive. Gross fixed capital formation increased by 11.9% versus a year earlier, compared with 5.8% previously. Household demand also improved, with private consumption - nearly 60% of the economy - growing 7.1% compared with 6.8% previously.
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Not everyone is convinced the headline figures tell the whole story. Some economists and former officials, among them former Finance Secretary Subhash Chandra Garg, have questioned whether tweaks to GDP methodology might be making growth look faster than it really is. For everyday investors, that leaves a simple backdrop to track: robust top line growth, an uptick in investment, healthier consumption, and an open debate about how precisely it is measured.
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