https://sputnikglobe.com/20220831/indias-economy-expands-at-fastest-pace-in-a-year-driven-by-global-headwinds-1100227124.html
India's Economy Expands at Fastest Pace In A Year Driven By Global Headwinds
India's Economy Expands at Fastest Pace In A Year Driven By Global Headwinds
Sputnik International
The Indian economy achieved double-digit growth when the US Fed warned of severe growth and disruption to the labor market. The Reserve Bank of India had... 31.08.2022, Sputnik International
2022-08-31T13:51+0000
2022-08-31T13:51+0000
2023-03-05T11:21+0000
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India's gross domestic product (GDP) grew at 13.5 percent in the quarter from April to June, down from 20.1 percent in the same quarter last year, according to government data.The construction and service sectors recorded impressive growth in the first quarter, indicating a rebound in economic activities after the pandemic-induced lockdown.Exports also experienced lower growth than both the preceding quarter and the same quarter a year earlier.GDP is the sum of the gross value added at basic prices, plus all taxes on products, minus all subsidies.GDP growth is the highest in the past four quarters but lower than the Reserve Bank of India's projection of 16.2 percent.According to analysts, the double-digit growth rate is registered because of the base effect.Earlier on Tuesday, the chairman of the prime minister's economic advisory council, Bibek Debroy, said India can become an upper-middle-income country by 2047 if it achieves a sustained growth rate of 7 to 7.5 percent for the next 25 years.
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india, finance ministry, china, us, economic crisis, reserve bank of india, gdp
india, finance ministry, china, us, economic crisis, reserve bank of india, gdp
India's Economy Expands at Fastest Pace In A Year Driven By Global Headwinds
13:51 GMT 31.08.2022 (Updated: 11:21 GMT 05.03.2023) The Indian economy achieved double-digit growth when the US Fed warned of severe growth and disruption to the labor market. The Reserve Bank of India had predicted economic growth of around 16.2 percent in the first quarter of the 2022/23 full year which ends next March. China's economic growth was 0.4 percent from April to June 2022.
India's gross domestic product (GDP) grew at 13.5 percent in the quarter from April to June, down from 20.1 percent in the same quarter last year, according to government data.
The construction and service sectors recorded impressive growth in the first quarter, indicating a rebound in economic activities after the pandemic-induced lockdown.
Private final consumption expenditure grew by 59 percent in the quarter from April to June, a sign of increasing interest of the private sector in capital investment.
Exports also experienced lower growth than both the preceding quarter and the same quarter a year earlier.
GDP is the sum of the gross value added at basic prices, plus all taxes on products, minus all subsidies.
GDP growth is the highest in the past four quarters but
lower than the Reserve Bank of India's projection of 16.2 percent.
According to analysts, the double-digit growth rate is registered because of the base effect.
Earlier on Tuesday, the chairman of the prime minister's economic advisory council, Bibek Debroy, said India can become an upper-middle-income country by 2047 if it achieves a sustained growth rate of 7 to 7.5 percent for the next 25 years.
