The economy of India it grew 7.8% in the first quarter (from April to June) of this fiscal year, its greatest acceleration so far in 2023, driven by the increase in services and public investment, according to official data.
GDP prices for the first quarter of 2023-2024 “show a growth of 7.8%,” the Central Statistical Office (CSO) of India said in a statement on Thursday.
This represents the fastest growth of the Asian country’s economy in the last year, after registering 6.1% in the last fiscal quarter of last year, which runs from January to March.
The data also implies a slowdown in growth compared to 13.1% in the same period of the previous year (2021-2022), a significant jump after the stoppage caused by the pandemic, according to government data.
“At a time when major economies are grappling with high inflation, tight monetary conditions, supply disruptions amid geopolitical issues, India has weathered headwinds”, the association of Indian Chambers of Commerce (Assocham) said in a statement.
India’s GDP growth is mainly driven by the agricultural sector, with a growth of 3.5% in the first quarter, compared to 2.4% in the same period of the previous year.
India positioned itself in 2022 as the fifth largest economy in the world according to projections of the International Monetary Fund (IMF), displacing the United Kingdom. Only the United States, China, Japan and Germany surpass the South Asian nation.
Source: EFE
Source: Gestion
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