“The 8.2 percent growth reflects the range of reform measures implemented by the government. Several initiatives have been introduced to boost domestic manufacturing and enhance the ease of doing business,” he said while participating in a national padyatra organized as part of the 150th birth anniversary celebrations of Sardar Vallabhbhai Patel.
India’s Q2 GDP Grows 8.2%, Goyal Credits Reforms and Export Momentum
Commerce and Industry Minister Piyush Goyal on Saturday said that a range of government reforms aimed at improving the ease of doing business have contributed to India’s robust 8.2 percent GDP growth in the July-September quarter of the current fiscal year.
He also noted that the country’s exports continue to perform well despite global trade uncertainties, supporting overall economic resilience.
National Padyatra Commemorates Sardar Patel’s 150th Birth Anniversary
Goyal made these remarks while participating in a national padyatra organized by the Gujarat government, running from Karamsad to the Statue of Unity in Narmada district to mark the 150th birth anniversary of Sardar Vallabhbhai Patel.
“The 8.2 percent growth reflects the host of reform measures taken by the government. Several initiatives have been introduced to boost domestic manufacturing and enhance ease of doing business,” he said.
India Retains Title of Fastest-Growing Major Economy
Goyal emphasized that the strong GDP numbers refute claims by some quarters and reaffirm India as the world’s fastest-growing major economy. “We will continue to see relentless growth,” he added.
Merchandise and services exports have also shown healthy growth. Between April and October of this fiscal, merchandise exports rose marginally by 0.63 percent to USD 254.25 billion, while imports increased 6.37 percent to USD 451.08 billion. Services exports during the same period stood at USD 237.55 billion, up from USD 216.45 billion in April–October 2024.
The 8.2 percent expansion follows a 7.8 percent growth in the preceding April-June quarter, keeping India ahead of peers such as China, whose GDP growth was 4.8 percent.
Drivers of Growth
The Q2 expansion was driven by a combination of factors:
- Public investments: Increased government spending helped stimulate economic activity.
- Services demand: Robust performance in key service sectors supported overall growth.
- Industrial output: Manufacturing output rose 9.1 percent, up from 7.7 percent in Q1 and 7.6 percent a year ago.
- Construction activity: The sector grew 7.2 percent compared to 7.6 percent in the previous quarter.
- Consumption boost: GST reductions ahead of the festive season spurred consumer spending.
- Statistical effects: A low base from the previous year also amplified the growth rate.
Outlook
With strong reforms, rising exports, and resilient domestic demand, India is well-positioned to maintain its growth momentum in the coming quarters, according to Goyal. The combination of policy support, festive-season consumption, and sectoral strength continues to underpin India’s position as the fastest-growing major economy.
