India's government on Thursday said GDP in the final quarter of 2023 grew 8.4 percent from a year earlier. The number indicates the economy's expansion is picking up speed on the back of consumer spending and capital investment.

The growth in the final three months beat the 8.1 percent increase recorded in the prior July-September period, and stretches India's economic expansion to 13 straight quarters.

With the country's population of more than 1.4 billion edging ahead of China's, consumer spending is becoming a bigger driver in the economy.

Private capital investment is also expanding.

The government also revised its growth forecast upwards for the full fiscal year ending in March to 7.6 percent from 7.3 percent.

Another factor said to be aiding India's economy is access to lower priced Russian oil, with imports surging since the invasion of Ukraine in February 2022.

India's Commerce and Industry Ministry says the country imported about 31 million tons of Russian crude oil in the same year as the invasion. That's up more than 8 times from the previous year.

India's imports of Russian oil jumped again last year to about 82 million tons.

Russian oil is comparatively cheaper than other types of crude in international markets, giving India access to lower priced energy.

India has taken a neutral stance on Moscow's invasion of Ukraine, neither supporting nor denouncing it. But at the same time it has been strengthening economic relations with Russia.