India's GDP growth in the April-June quarter of 2023 was 7.8%, the fastest pace in a year. This is higher than the 6.1% growth in the previous quarter and the 13.1% growth in the same quarter of the previous year.
The growth was driven by strong growth in the services sector, which grew by 8.4%. The manufacturing sector grew by 7.1% and the agricultural sector grew by 3.5%.
The government has forecast GDP growth of 6.5% for the full fiscal year 2023-24.
Here are some of the factors that are contributing to the current GDP growth of India:
- Strong growth in the services sector
- Government focus on Make in India
- Improvement in the ease of doing business
- Increase in foreign investment
- Growth in the digital economy
- Rise in consumer spending
The GDP growth of India is expected to continue in the coming years, but at a slower pace than in recent years. This is due to a number of factors, including the slowdown in the global economy and the ongoing trade war between the United States and China.
Despite these challenges, the Indian economy is expected to remain one of the fastest growing economies in the world in the coming years.
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