GDP figures released, India’s growth rate was 7.8% in the first quarter
India’s growth rate (India GPD) stood at 7.8 percent during the first quarter of the current financial year. This figure has been released by the government on Thursday. Earlier, India’s growth rate was 6.1% in the March quarter. While the GDP in the previous year was 7.2 percent. According to this, the first quarter of the current financial year has been excellent for the economy. A major contributor to the strong GDP figure is capital expenditure by the central and state governments.
India’s growth rate is faster than China
According to the data released on Thursday by NSO, the growth rate of gross domestic product (GDP) was 13.1 percent in the same quarter of the last financial year 2022-23. With this, India remains the fastest growing country among the major economies. China’s GDP growth rate stood at 6.3 percent in the April-June quarter.
Decline in core sector growth
The month of July has not been good for core sector growth. It has seen a decline in July. According to government data, the core sector growth rate stood at 8 percent in the month of July. In the same month a year ago, the growth of the core sector was 4.8 percent. In the month of June of the current financial year, the growth rate of eight basic industries was 8.3 percent.
The Reserve Bank of India estimates that India’s growth rate will be 6.5 percent during the current financial year. At the same time, RBI in its report had estimated India’s GDP to be 8 percent during the first quarter. While, the IMF estimates that the growth rate of India’s economy will be 6.1 percent this year.
