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.

The Indian economy expanded 8.4% year-on-year in Q4 2023, the strongest growth since Q2 2022, compared to an upwardly revised 8.1% in Q3 and beating forecasts of 6.6%. On the production side, faster increases were recorded for services (6.7% vs 4.5%), and finance and real estate (7% vs 6.2%).