Based on statistics supplied by the National Statistical Office (NSO), the forecast for the current financial year (2023–24) has been revised upward to 7.6% due to this speed of growth, which is the fastest in a year and a half.
This estimate surpasses the 7.3% forecast by the NSO in January and is far higher than the 6.7% and 6.3% outlooks provided by the World Bank and the IMF, respectively. India’s remarkable GDP trajectory is expected to sustain its position as the world’s fastest-growing major economy, even during a general slowdown in global growth.
Source: Money Control
The manufacturing sector, which had experienced a 4.8% contraction in the previous quarter, had an 11.6% jump in growth during the last three months of 2023. While the construction sector continued to grow at a rate of 9.5%, the mining and quarrying sector rose by 7.5% during this time, up from 1.4% from October to December 2022.
The icing on the cake is that a surge in factory production and sales in February propelled the expansion of the Indian manufacturing sector to a five-month high. On the other hand, an official survey indicates that manufacturing in China has shrunk for the fifth straight month.
Source: The Economic Times
The ‘Make in India’ campaign is clearly paying off, as evidenced by the apparent improvement in the ease of doing business. But there’s no place for slackness. India needs to lock on the gains and take advantage of China’s inconsistent performance. The agriculture sector, which is the foundation of India’s rural economy and contracted by 0.8% in the October–December quarter, needs to be given the attention it deserves.
What do you think about this? Comment below.
