HomeIndia's GDP grew at 13.5% in Q1 of FY23India's GDP grew at 13.5% in Q1 of FY23, fastest in a...

India’s GDP grew at 13.5% in Q1 of FY23, fastest in a year


India's GDP grew at 13.5% in Q1 FY23, fastest in a year
Representational image source: Freepik



India’s Gross Domestic Product (GDPin the first quarter (April-June) of the fiscal year grew by 13.5 per cent, as against a 20.1 per cent growth seen during the same period last year, data released by the National Statistical Office (NSO) showed on Wednesday.


Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.

According to rating agency Icra, the GDP was likely to grow at 13 per cent while the State Bank of India in its report, projected the growth rate at 15.7 per cent for April-June 2022.

Earlier this month, in its monetary policy meeting, the Reserve Bank of India (RBI) said that the GDP growth rate is likely to be around 16.2 per cent in the first quarter of this fiscal year.

China registered an economic growth of 0.4 per cent in April-June 2022.

News agency Reuters reported that the pace of growth is seen moderating going forward due to global recession fears and rising borrowing costs. The RBI has raised the benchmark policy rate by 140 basis points in three rates moves since May and has vowed to do more to bring inflation under its 6 per cent target ceiling.

“We are seeing signs of waning of the intensity of tailwind generated by economic reopening,” Reuters quoted Kunal Kundu, an economist with Societe Generale GSC Pvt, as saying. “Add rising borrowing cost to benign domestic consumption prospects, and business investment could be potentially underwhelming,” Kundu added.

Meanwhile, private investment during April-June increased 20.1 per cent from a year ago, data show. Government spending rose 1.3 per cent while private consumption was up 25.9 per cent.

(With inputs from PTI, Reuters)

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aatmanirbhar Bharat

All

Army gets its first indigenous man-portable suicide drones

New Delhi: The army has got its first indigenous man-portable suicide drones that are designed to target enemy training camps, launch pads and infiltrators...

Defence minister Rajnath Singh Sets ₹50k-cr military export target

New Delhi: On resuming charge as defence minister, Rajnath Singh has set a target to generate military exports worth Rs 50,000 crore on an...

AMCA 5th Generation Stealth Fighter Updates

AMCA to be integrated with sophisticated indigenous Distributed Aperture System (DAS) that making it a formidable air asset for the Indian Air Force

Source : IgMp Bureau India’s Advanced Medium Combat Aircraft (AMCA) is on the brink of a revolutionary transformation with the integration of a sophisticated Distributed...

AMCA to incorporate the best features of both 5th and 6th Generation fighters: ADA sources

Source : IgMp Bureau India's strides toward indigenous air dominance receive a substantial boost with the green signal for the Advanced Medium Combat Aircraft (AMCA)...

Most Popular

Recent Comments

Archive Months

Miscellanous

After Malaysia, HAL to open new office in Colombia to offer Tejas LIFT, ALH Rudra and LCH

Source : Indian Defence Updates (IDU)Representative ImageAfter opening an office in Malaysia, Hindustan Aeronautics is all set to sign a Memorandum of Understanding (MoU)...

Yearender 2022: BrahMos, Agni, Prithvi II: Lethal missiles India tested this year amid twin border threats

Source : ABP NewsRepresentative ImageYear Ender 2022: India made giant strides in successfully testing a host of lethal and advanced missiles this year, ranging from...

Saudi ‘Tears Apart’ F-15 Fighter’s Impeccable Reputation; Loses 2nd Air-Superiority Aircraft In One Year

The Saudi Arabian Ministry of Defense (MoD) announced that an F-15 fighter jet of the Royal Saudi Air Force (RSAF) crashed on December 7,...

Why French Rafale-M Edge Out American Super Hornet For Indian Navy Deal? Naval Pilots who Flew Both Rafale and Super Hornet Decodes the reason

Source : The EurAsian Times Why French Rafale-M Edge Out American Super Hornet For Indian Navy Deal? Naval Pilots who Flew Both Rafale and Super...
Visits
error: Content is protected !!