{"id":134958,"date":"2023-12-01T13:39:29","date_gmt":"2023-12-01T13:39:29","guid":{"rendered":"https:\/\/fin2me.com\/?p=134958"},"modified":"2023-12-01T13:39:29","modified_gmt":"2023-12-01T13:39:29","slug":"india-gdp-growth-remains-solid-at-7-6-in-september-qtr","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/india-gdp-growth-remains-solid-at-7-6-in-september-qtr\/","title":{"rendered":"India GDP Growth Remains Solid At 7.6% In September Qtr"},"content":{"rendered":"

The Indian economy<\/span> continued to grow at a robust pace in the three months to September, preliminary data from the statistics ministry showed Thursday.<\/p>\n

Gross domestic product grew 7.6 percent year-on-year following a 7.8 percent increase in the June quarter. Economists had forecast 6.8 percent expansion. <\/p>\n

In the same quarter a year ago, the economic growth rate was 6.2 percent.<\/p>\n

Production side breakdown showed that the latest economic growth was underpinned by stronger performance by the manufacturing, construction, mining and quarrying and utilities sectors. <\/p>\n

The gross value added growth in manufacturing surged to 13.9 percent in the September quarter from 4.7 percent in the previous three months. <\/p>\n

Likewise, construction output grew 13.3 percent after a 7.9 percent expansion in the previous quarter.<\/p>\n

Both the mining and quarrying and utilities sectors logged nearly 10.0 percent growth, which was much stronger than the previous quarter’s performance. <\/p>\n

Output growth in the farm sector and in the group comprising of hospitality, trade, transport and communication and broadcasting slowed significantly. <\/p>\n

Growth in the financial, real estate & professional services grow halved. <\/p>\n

GDP growth in the April to September period was 7.7 percent versus 9.5 percent in the same period last year. <\/p>\n

Earlier this week, S&P Global Ratings upgraded India’s growth projection for the current financial year on domestic momentum but lowered its outlook for the next financial year citing subdued global growth and base effect.<\/p>\n

The rating agency forecast the\u00a0economy\u00a0to grow 6.4 percent in the year ending March 2024, which was stronger than the previous projection of 6.0 percent.<\/p>\n

However, this was slightly below the Reserve Bank of India’s forecast of 6.5 percent.<\/p>\n

The growth outlook for the fiscal year ending March 2025 was lowered to 6.4 percent from 6.9 percent.<\/p>\n

The downgrade reflects weak global growth, high base of comparison as well as the lagged impact of interest rate hikes, S&P said.<\/p>\n

In October, the International Monetary Fund raised India’s growth projection to 6.3 percent for this year, while the outlook for next year was retained at 6.3 percent.<\/p>\n

The lender attributed the 0.2 percentage point upward revision for this year to the stronger-than-expected consumption during April-June. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Indian economy continued to grow at a robust pace in the three months to September, preliminary data from the statistics ministry showed Thursday. 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