GDP: In the March quarter, India’s economic growth increased to 6.1% from a year earlier as domestic consumption and private investment both recovered, offsetting the negative effects of weaker global demand. In the final quarter of the fiscal year 2022–23 that ended in March, Asia’s third-largest economy grew faster than the 5.0% projection made by economists in a Reuters poll, up from the previously reported 4.5%.
Impact of Reduced Prices on Demand
Reduced prices for food, crude oil, and raw materials increased demand for manufactured goods like vehicles and mobile phones as well as services like air travel. The global downturn and the turbulence in the financial markets, economists cautioned, pose a risk to exports and the forecast for growth in the upcoming quarters.
Revised Growth Projection for the Year
The expectation for the entire year’s growth was increased from 7% to 7.2%. In 2021/22, India’s economy expanded by 9.1%. India’s manufacturing sector output increased 4.5% on a year-over-year basis in the March quarter, up from a 1.1% quarter-over-quarter decline, while agricultural output increased 5.5%, up from 3.7% rise in the same period.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
