International Monetary Fund (IMF) adjusted its outlook for India's GDP growth in 2023
Reportedly Former RBI governor Raghuram Rajan, who participated in the Bharat Jodei yatra with rahul gandhi last year, said that if India's GDP reaches 5 percent next year, it will be the same fate. However, the quarterly data belied their predictions. The National Statistics office (NSO) released the country's GDP data on Thursday. According to this, in the first quarter of the financial year 2023-24, India's gross domestic product (GDP) will be Information has been given that there has been an increase of 7.8 percent. Former RBI governor Raghuram Rajan, who participated in the Bharat Jodo yatra with rahul gandhi in 2022, said that if India's GDP rises to 5 percent in the next year, it would be the same fate. Now their predictions have been falsified and India's GDP has risen to 7.8%. This growth rate surpassed the previous quarter's 6.1 percent increase. Even so, the pace is largely slower than the 13.1 percent growth recorded in the first quarter of fiscal 2022-23. Along with this, india retained its position as the world's leading fastest growing economy, while China's GDP growth was 6.3 percent in the April-June quarter.
"The quarterly estimates of GDP are indicator-based and compiled using the benchmark-indicator approach, i.e., the quarterly estimates available for the previous year referred to as the benchmark year are extracted using relevant indicators reflecting the performance of the sectors," the government said. According to NSO data, the agriculture sector witnessed a growth of 3.5 per cent, an improvement from 2.4 per cent recorded in the same period of the financial year 2022-23. Even so, the pace of growth in the manufacturing sector slowed to 4.7 per cent in the first quarter of the current financial year, lower than the 6.1 per cent seen in the corresponding period of the previous year.
After the Monetary Policy Committee (MPC) meeting in August, the reserve bank of india (RBI) had expected a growth rate of 6.5 per cent for the entire financial year. Breaking it down on a quarterly basis, the figures were reported to be 8 percent for Q1. The international Monetary Fund (IMF) has adjusted its outlook for India's GDP growth in 2023, upgrading it to 6.1 percent. In June, Fitch Ratings revised its forecast for India's economic growth in the financial year 2023-24 (FY24), raising it to 6.3 percent from the previous forecast of 6 percent.Look up details
"The quarterly estimates of GDP are indicator-based and compiled using the benchmark-indicator approach, i.e., the quarterly estimates available for the previous year referred to as the benchmark year are extracted using relevant indicators reflecting the performance of the sectors," the government said. According to NSO data, the agriculture sector witnessed a growth of 3.5 per cent, an improvement from 2.4 per cent recorded in the same period of the financial year 2022-23. Even so, the pace of growth in the manufacturing sector slowed to 4.7 per cent in the first quarter of the current financial year, lower than the 6.1 per cent seen in the corresponding period of the previous year.
After the Monetary Policy Committee (MPC) meeting in August, the reserve bank of india (RBI) had expected a growth rate of 6.5 per cent for the entire financial year. Breaking it down on a quarterly basis, the figures were reported to be 8 percent for Q1. The international Monetary Fund (IMF) has adjusted its outlook for India's GDP growth in 2023, upgrading it to 6.1 percent. In June, Fitch Ratings revised its forecast for India's economic growth in the financial year 2023-24 (FY24), raising it to 6.3 percent from the previous forecast of 6 percent.Look up details