The Indian economy rose 7.8% in the April–June quarter, the fastest in a year that saw a steep rise in inflation, thanks to rising private consumption and investment. It is an improvement over the quarter from January to March of the prior fiscal year, when GDP increased by 6.1%. It did not, however, meet the Reserve Bank of India’s 8% projection.
The April–June quarter of 2022–23 saw a 13.1% gain from the prior year. 4.5% GDP growth was recorded from October to December. India continues to be the fastest-growing major economy, with China’s first-quarter growth rate of 6.3%.
Comparison
In comparison to the same quarter last year, the agriculture sector saw growth of 3.5% in the first quarter. Growth in the manufacturing sector decreased from 6.1% to 4.7%. On November 30, the growth statistics for the current quarter (July-September) will be made public.
Days before, the government released a graph showing the top economies’ projected yearly GDP growth rates until 2023, with India taking the top spot. According to the government, “India’s economy stands tall among the top 10.”
The graph showed China’s GDP growth to be 5.2 percent, the US to be 1.6 percent, and India’s GDP growth to be 5.9 percent.
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