India's economy surges: GDP growth reaches 7.6% in July-Sept quarter, maintains status as fastest-growing major economy
PTC News Desk: During the July-September quarter of the current fiscal year 2023-24, the Indian economy grew 7.6 percent, maintaining its position as the fastest-growing major economy.
The April-June quarter GDP growth in India was 7.8 percent.
Real GDP or GDP at Constant (2011-12) Prices is expected to reach Rs 41.74 lakh crore in Q2 2023-24, up from Rs 38.78 lakh crore in Q2 2022-23, representing a 7.6 percent increase compared to 6.2 percent in Q2 2022-23, according to data from the Ministry of Statistics and Programme Implementation released on Thursday.
The Reserve Bank of India (RBI) maintained real GDP growth at 6.5 percent for 2023-24, with Q2 at 6.5 percent, Q3 at 6.0 percent, and Q4 at 5.7 percent.
The only thing about which the central bank showed utmost concern at its last monetary policy meeting was the rising inflation and its attached potential risk to the growth outlook.
Recently, industry body FICCI in a survey found that the Indian economy is projected to grow by 6.3 per cent in 2023-24 with a minimum and maximum growth estimate of 6 per cent and 6.6 per cent respectively.
The FICCI's Economic Outlook Survey was conducted in September 2023, and it drew responses from leading economists from the industry, banking, and financial services sectors.
The International Monetary Fund (IMF) raised India's GDP growth forecast for fiscal years 2023-24 to 6.3% in October, the second upward revision since the April report.
- ANI
