India’s economy grew by 7.8% in the January-March quarter from a year earlier, compared with 8.4% growth in the previous quarter, government data showed.
Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter. Manufacturing output rose 8.9% year-on-year in the three months ending in March, compared with a revised expansion of 11.5% in the previous quarter. Farm output growth accelerated to 0.6% after revised 0.4% growth in the previous quarter, the data showed.
Data released by the National Statistical Office (NSO) showed that the gross domestic product (GDP) expanded 6.2 per cent in the January-March period of the 2022-23 fiscal year.
As per the data, Indian economy expanded 8.2 per cent in 2023-24 against a 7 per cent growth in 2022-23. The NSO in its second advance estimate of national accounts had pegged India’s growth at 7.7 per cent for 2023-24.
This comes as Moody’s Ratings projected India to grow 6.8 per cent in the current year, followed by 6.5 per cent in 2025 citing strong, economic expansion and post-election policy continuity. It said, “We believe the Indian economy should comfortably register 6-7 per cent annual real GDP growth and we forecast around 6.8 per cent growth.”
In comparison, China’s economy grew 5.3% year-on-year and the US economy expanding at 1.3% annualised rate in March quarter amid signs of inflation easing.