India has retained its title of the world's fastest growing major economy as it expanded 8.4% in the last three months of 2023, from a year earlier. The data comes as the country is set to hold a general election this year.

Gross domestic product (GDP) increased by 8.2%, according to the Statistics Ministry, cementing India’s status as the world’s fastest growing major economy. The rate of growth was higher than the Modi government’s forecast of 7.6%.

The Indian economy is expected to grow by 6.6 per cent in 2025 and 6.7 per cent in 2026, supported by solid private consumption and investment growth, according to the United Nations (UN) flagship report, World Economic Situation and Prospects 2025, released on Thursday.

The Indian economy, Asia's third largest after China and Japan, grew 8.2% in 2023/24 and 7% in 2022/23. In nominal terms, which include inflation, the economy is expected to grow 9.7%, compared with the 10.5% estimate in the annual federal budget announced in February 2024.

New Delhi: The Indian economy is projected to grow at a robust 6.8 per cent in the financial year 2025-26, driven by strong high-frequency indicators, according to a Bank of Baroda forecast. The report expects nominal GDP growth to be around 10.5 per cent during the next financial year.