India's GDP growth surged to 7.8 percent, the highest level in the last four quarters

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New Delhi, dated 31 August-2023, Thursday

There has been a big surge in GDP growth in India. The central government has presented important figures regarding the country's GDP growth today. The government said that the country's GDP growth has reached 7.8 percent in the first quarter. Thus the country's GDP growth has picked up pace... In the first quarter of the current year (April-June 2023), the GDP growth has been recorded at 7.8 percent, which is the highest in the last 4 quarters i.e. one year. Earlier, GDP growth was recorded at 6.1 percent in the March-2023 quarter, while the GDP growth rate was recorded at 13.1 percent in the June quarter last year due to low base. It may be mentioned that all the rating agencies had estimated the country's GDP growth to be between 7.8-8.5 percent in the April-June quarter of the current financial year (2023-2024). So the RBI had estimated the GDP growth to be 8.1 percent in the April-June 2023 quarter.

A jump in GDP growth due to improving services sector

Strong growth in the services sector has also been instrumental in helping Asia's third-largest economy recover from the global recession. In the financial year 2022-23, the GDP growth rate was recorded at 7.2 percent. Central and state governments opening their coffers for capital expenditure, strong consumption-linked demand and a pick-up in service sector performance helped to deliver good GDP growth in the June quarter...

8 Decline in core sector

According to government data, the growth rate of gross domestic product (GDP) was recorded at 13.1 percent in the same quarter of last financial year 2022-23. On the other hand, the growth of the core sector has decreased in July. According to government statistics, the core sector growth rate was 8 percent in the month of July... A year ago, the growth of the core sector was 4.8 percent in the same month. In the month of June of the current financial year, the growth rate of 8 waste industries was recorded at 8.3 percent.

India is stronger than other countries in service sector

It is to be mentioned that the economy of many countries, including China, is faltering due to poor performance in the service sector, while India is moving forward with strength. India is one of the fastest growing economies in the world. China's GDP growth rate has been recorded at 6.3 in the June quarter.

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