New Delhi: India's economy has demonstrated outstanding growth in the second quarter (July-September 2023) of the current financial year 2023-24. With a GDP growth rate of 7.6 percent during this period, the country has surpassed earlier estimates and predictions.
GDP Growth Surpasses Projections:
In the face of varied projections, the Reserve Bank of India (RBI) had initially estimated a growth rate of 6.5 percent for the second quarter. Contrary to some expert opinions suggesting a 7 percent growth, the actual figures have outperformed expectations, highlighting the resilience and strength of India's economic landscape.
Comparative Analysis:
The latest growth rate marks a slight dip from the first quarter of the financial year, where India's GDP growth stood at 7.8 percent. Nevertheless, this figure still represents a commendable performance, considering it is the second-highest growth recorded over the past four quarters. The March 2023 quarter witnessed a GDP growth of 6.1 percent, and the June quarter of 2023 saw an exceptional growth rate of 13.1 percent, primarily attributed to a low base.
RBI Targets and Expert Opinions:
The Reserve Bank of India has set a GDP growth target of 6.5 percent for the entire financial year 2023-24. While the central bank anticipated a growth rate of 6.5 percent in the second quarter, projections for subsequent quarters were estimated at 6 percent and 5.7 percent in the third and fourth quarters, respectively. Some experts had anticipated a GDP growth rate of 6.7 percent during the second quarter, but the actual figures have surpassed these predictions. This robust economic performance signifies India's resilience and positive momentum, laying a foundation for sustained growth in the coming quarters.
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