Amid the economic slowdown in the world, India has exploded in GDP growth. The country’s economic growth rate (GDP rate) has been recorded at 7.6 percent in the July-September quarter of the current financial year. According to data released by the government, the Indian economy has performed exceptionally well on the back of improved performance in the manufacturing, mining and services sectors. According to Bhasha News, about the GDP data released last Thursday evening, NITI Aayog’s former vice-chairman Arvind Panagariya said that the performance of the Indian economy in the July-September quarter once again showed a positive trend. It has surprised the forecasters.
India continues to be the country with the fastest economic growth rate.
According to the news, India has been the fastest growing economy among the world’s major economies, according to official data. China’s GDP (Gross Domestic Product) growth rate was 4.9 percent in the July-September quarter. Let us tell you, GDP means the total value of goods and services produced in a country in a particular period. On the GDP figures, PM Modi showed his strength in a post on the social media platform. We are committed to ensuring rapid growth by creating more opportunities, eradicating poverty faster and making life easier for our people.
GVA growth in real estate and professional services at 6 percent
According to National Statistics Office (NSO) data, the gross value added (GVA) growth rate in the agriculture sector was 1.2 percent as against 2.5 percent in the July-September quarter of 2022-23. The GVA growth rate in the manufacturing sector stood at 13.9 percent in the second quarter of the current fiscal year, as against a decline of 3.8 percent in the same quarter a year ago. GVA growth in financial, real estate and professional services stood at 6 percent, as against 7.1 percent in the same quarter a year ago. According to the data, GVA in mining and quarrying rose to 10 percent in the quarter under review, as against a decline of 0.1 percent a year ago.
The pace of economic growth will continue in the December quarter as well.
The growth rate of electricity, gas, water supply and other public services increased from 6.1 percent to 10.1 percent. The growth rate of the construction sector increased to 13.3 percent in the second quarter. A year ago, in the same quarter of 2022-23, it was 5.7 percent. During the April-June quarter of the current financial year, the gross domestic product (GDP) growth rate was 7.8 percent. Chief Economic Adviser (CEA) V Ananth Nageswaran said the economic growth momentum will continue in the December quarter and the Indian economy will comfortably grow at 6.5 percent in the current fiscal year.
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