“India’s GDP soars with 7.6% growth: Discover the driving force behind the fastest-growing major economy”
India’s economy experienced a 7.6% growth in the September quarter of this fiscal , largely due to better performance in manufacturing, mining, and services sectors.
The GDP expanded by 6.2% in the July-September quarter of 2022-23, making India the fastest-growing major economy.
The agriculture sector’s GVA growth decelerated to 1.2% in the September 2023 quarter, while the construction sector saw a 13.3% year-on-year growth in the second quarter.
The expansion in financial, real estate, and professional services’ GVA was 6%, down from 7.1% in the year-ago quarter. The real estate market is expected to continue growing due to the upturn in the capex cycle and the strengthening domestic profile of consumers.
The output of eight key infrastructure sectors jumped 12.1% in October 2023, driven by a sharp increase in coal, steel, cement, and electricity production. The government’s fiscal deficit reached 45% of the full-year budget estimate at the end of October.
