Provisional government estimates released on June 5 revealed that India’s GDP grew by a robust 7.8% in the January-March quarter (Q4). This accelerated the full fiscal year GDP growth to 7.7%, comfortably beating initial market projections despite high global energy costs. This positions India as the fastest-growing major economy globally. Side note: Concurrently, the Central Government announced a total capital gains tax exemption for Foreign Institutional Investors (FIIs) investing in Indian Government Securities (G-Secs) to further attract sticky foreign dollar inflows.