Slamming “naysayers” for allegedly spreading negativity despite India’s 7.8% growth in Q1FY27, Prime Minister Narendra Modi said the pace must be maintained.
Calling for greater support for domestic production, Modi invoked the “Swadeshi Mantra” and “vocal for local”, urging citizens to strengthen India’s self-sufficiency. The prime minister also called upon citizens to avoid unnecessary travel abroad, to choose getting married in India rather than overseas, and to refrain from buying gold unless necessary.
Indian economy remained resilient in Q1 with GDP growth at a better-than-expected 7.8%, despite a challenging global environment. Analysts are now forecasting GDP growth to be around 7-7.5% in FY27 as against less than 7% estimated earlier.
In a video post on ‘X’ on Tuesday, Modi congratulated citizens for the latest growth figures, attributing the performance to their determination and perseverance despite the difficult global environment. “I would like to congratulate the citizens of India. 7.8% growth,” he said, describing the performance as “an embodiment of collective strength.”
The Prime Minister pointed to the turmoil facing the global economy, including wars, supply-chain disruptions and continuing uncertainty since the Covid-19 pandemic. “The world is engulfed in war. There is news of war all around. The world is in crisis. The supply chain is completely disturbed,” Modi said. “From the time of Covid-19 till now, there has been no stability anywhere. Despite this, India is progressing rapidly,” he added.
Modi said India must now build on the momentum rather than become complacent. “We have to maintain this pace. We have to grow,” he said, stressing that self-reliance would be crucial to sustaining economic expansion.
He said the country must work to fulfil the aspirations of its younger generation and achieve developed-nation status as India approaches its 100th year of independence. “Our policy is right. Our intention is clear. And the strength of 140 crore citizens is taking the country to new heights,” Modi said.
Speaking at the G20 summit in Asheville, North Carolina, Finance Minister Nirmala Sitharaman said, “I’m so pleased to say that this growth is secular. The growth is across the board. Manufacturing grew by 9.2% and financial and professional services grew by 12.1%.”
Everyone participating in the summit, she said, was full of appreciation that, despite the global challenges, India has managed to achieve this kind of a growth even in the first quarter of this financial year. She added that this “bodes well for the rest of us.”
Sitharaman also criticised those repeatedly describing the Indian economy as a “dead economy”, saying political parties have every right to question the government but should not undermine the efforts of ordinary citizens.
In a post on ‘X’, Congress leader Jairam Ramesh said the GDP numbers are simply statistical gymnastics.