India’s growth rate (India GPD) stood at 7.8 per cent during the first quarter of the current financial year. This data has been released by the government on Thursday. Earlier in the March quarter, India’s growth rate was 6.1%. Whereas in the previous year the GDP was 7.2 percent. Accordingly, the first quarter of the current financial year has been fantastic for the economy. A major contributor to the strong GDP numbers is capital expenditure by the central and state governments. Governments have spent a lot of money.
According to the data released by the NSO on Thursday, the gross domestic product (GDP) growth rate was 13.1 percent in the same quarter of the last financial year 2022-23. With this, India remains the fastest growing country among major economies. China’s GDP growth rate was 6.3 percent in the April-June quarter .
Decline in core sector growth
The month of July has not been good for core sector growth. There has been a decline in July. According to government data, the core sector growth rate in the month of July was 8 percent. The core sector growth was 4.8 percent in the same month a year ago. Let us tell you, in the month of June of the current financial year, the growth rate of eight basic industries was , 8.3 percent.
What was RBI’s estimate?
The Reserve Bank of India estimates that India’s growth rate will be 6.5 percent during the current financial year. At the same time, the RBI in its report had estimated India’s GDP to be 8 percent during the first quarter . At the same time, the IMF estimates that the growth rate of India’s economy will be 6.1 percent this year .
What is the fiscal deficit position?
India’s fiscal deficit touched Rs 6.06 lakh crore during the first four months of the current financial year. According to the data released by the government, this is 33.9 percent of the fiscal deficit of the current financial year. On Thursday, the rupee fell by 16 paise to close at 82.79 (provisional) per dollar against the US dollar. The strengthening of the US currency and rising crude oil prices had an impact on the domestic currency.
