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Indian economy on a strong footing! The World Bank has revised upwards its projection for India’s economic growth in the current fiscal year, increasing it to 7% from its previous estimate of 6.6%.
The Indian economy grew at 6.7% in the first quarter of FY 2024-25, according to government data last week. The slowdown was attributed to reduced government expenditure during the period of national elections.
Despite this, India retained its status as the world’s fastest-growing major economy, surpassing China’s 4.7% growth rate in the corresponding period.
Economic experts predict that the slowdown will be temporary, as declining inflation rates and heightened government spending are likely to stimulate growth in the forthcoming months.
The Gross Value Added (GVA), which economists consider a more accurate indicator of economic growth, showed an increase of 6.8% in the April-June quarter compared to the same period last year. This marks an improvement from the 6.3% GVA growth recorded in the previous quarter.
The Indian economy grew at 6.7% in the first quarter of FY 2024-25, according to government data last week. The slowdown was attributed to reduced government expenditure during the period of national elections.
Despite this, India retained its status as the world’s fastest-growing major economy, surpassing China’s 4.7% growth rate in the corresponding period.
Economic experts predict that the slowdown will be temporary, as declining inflation rates and heightened government spending are likely to stimulate growth in the forthcoming months.
The Gross Value Added (GVA), which economists consider a more accurate indicator of economic growth, showed an increase of 6.8% in the April-June quarter compared to the same period last year. This marks an improvement from the 6.3% GVA growth recorded in the previous quarter.
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