According to the Indian government, the country's GDP expanded by 13.5% in the April–June quarter over the same period last year thanks to increased industrial and agricultural output as pandemic restrictions loosened.
(AP) NEW DELHI — According to official data issued on Wednesday, India's economy expanded by 13.5% in the April-June quarter compared to the same period last year, driven higher by increases in industry and agriculture as influenza restrictions loosened.
Despite being lower than the 20.1% annual rise recorded in the same quarter the previous year, the increase comes after a 4.1% decline in the January-March quarter.
Economists have however issued a warning, stating that the rise this quarter might be followed by a slump. The International Monetary Fund reduced its growth prediction for India for the current fiscal year, which started in April, from 8.2% to 7.4% in July.
India will still be one of the world's main economies with the quickest growth rates despite the in despite the modification.
The global economy is currently experiencing stress, and key nations like the United States and the United Kingdom are dealing with high inflation. This is why the April-June quarter saw double-digit growth. Prices for food and energy have skyrocketed as a result of Russia's ongoing invasion of Ukraine.
When a spike in omicron-fueled coronavirus infections starting in January forced officials to reinstate some virus-related restrictions, India's economy, the third largest in Asia, had just begun to recover from a pandemic-induced recession.
According to data from the think tank Center for Monitoring Indian Economy, many waves of COVID-19 outbreaks have severely affected India's sizable informal sector, which has been seriously affected. In August, the jobless rate increased to about 8.5%.
The benchmark interest rate was increased by 50 basis points to 5.4% by India's central bank, marking the third increase since May, with an inflation forecast of 6.7% for the current fiscal year.
After decreasing by 6.6% in the fiscal year 2020–2021, the GDP grew by 8.7% in the previous fiscal year.
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