India’s GDP grows 7.2% in FY23; 6.1% in January-March quarter

India’s GDP grows 7.2% in FY23; 6.1% in January-March quarter


India's GDP growth rate soared to 7.2 percent in FY23, according to official data released by the Ministry of Statistics and Programme Implementation. This marks an impressive increase from the 5.3 percent growth rate recorded in FY22.


The growth rate was even higher in the January-March quarter, coming in at 6.1 percent. This is a considerable improvement from the 4.4% growth rate recorded in the October-December quarter of FY22.

The uptick in growth is being attributed to rising demand and investment, both from domestic and foreign sources. The government's fiscal stimulus initiatives have also helped spur growth in the economy.

Overall, the GDP growth rate in FY23 is indicative of a positive trend in the economy. The government's efforts to boost demand and investment, as well as its fiscal stimulus initiatives, are expected to further support the economy and help it reach its growth target for the year

The Reserve Bank of India (RBI) has said that India’s economic growth momentum is likely to remain strong in the financial year 2023-24 despite facing challenges from the global economic outlook. This positive outlook comes as inflationary pressures are easing, providing room for policy makers to take necessary measures to support growth.



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