Indian economy grew at fastest pace with 7.8%

Indian economy grew at fastest pace with 7.8%

The National Statistical Data has been released by NSO which showed that India’s economy grew at its fastest pace in a year in the April-June quarter.

India’s gross domestic product (GDP) has grown by 7.8% in the past quarter, up from 6.1% growth in the previous quarter and 13.1% in April-June 2022. The predication of GDP growth rate by the Reserve Bank of India was at 8%.

Fastest growing major economy in the world:

The fastest-growing major economy title is still hold by India as China’s GDP growth in the April-June quarter was 6.3%.

India proves its commitment and perseverance to grow with sustainability in the world.

The recently released data by the NSO indicates that the agriculture sector registered a 3.5% growth which is up from 2.4% in the April-June quarter of 2022-23.

Still the growth in the manufacturing sector has recorded deceleration in the first quarter of the current fiscal compared at 4.7% to 6.1% in the year-ago period.

During the January-March quarter of 2022-23 the growth of GDP was registered at 6.1%.

Services sector growth was assisted by brisk activity in financial services, trade, hotels and transport sectors.

Conclusion by CEA:

Chief Economic Advisor V Anantha Nageswaran stated that the economy is also anticipated to grow at 6.5% in the current fiscal notwithstanding deficient monsoon rains.

He also said on his speech that the government and the Reserve Bank are continuously taking adequate steps to maintain supply and keep prices under check so there is no real cause for concern that inflation would spike out of control.

The CEA also comforted about the food inflation that will subside with the arrival of fresh stock and government measures.

He also draws concern about the impact of deficient rains in August.

With regard to fiscal deficit, Nageswaran said there is no threat to 5.9% fiscal deficit announced in the Budget.

Question & Answer:

Q1. How much percent GDP growth has been recorded Indian economy in the April-June quarter?

Ans. 7.8%

Q2. Which country registered fastest pace growth of economy in the world?

Ans. India

Q3. Who is the current Chief Economic Advisor of India?

Ans. V Anantha Nageswaran

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