India’s gross domestic product (GDP) growth rates of 8.4 percent for the quarter ending December 2023 (Q3), and an expected annual growth rate of 7.6 percent, were significantly above expectations. This calls for further investigation into the underlying dynamics and their implications for the future.
At first glance, the figures present a paradox. How can we reconcile this robust GDP growth with modest increases in private consumption, below 4 percent, and an actual contraction in government spending? This raises eyebrows, especially in light of the 27 percent increase in income taxes between April
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First print: March 01, 2024 | 12:10 pm IST