BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • News
      • India's GDP Grows 13.5% In First...
      News

      India's GDP Grows 13.5% In First Quarter Of FY23

      Economists argue that while India may have seen strong growth last quarter, it will likely taper by the end of the year

      By - Mohammed Kudrati |
      Published -  31 Aug 2022 7:19 PM IST
    • Boomlive
      Listen to this Article
      Indias GDP Grows 13.5% In First Quarter Of FY23

      India's gross domestic product (GDP) grew 13.5% in the first quarter (April to June) of the ongoing fiscal year (FY23) over the same period last year, data released by the National Statistics Office of the Ministry of Statistics and Programme Implementation shows.

      The quarterly estimates of the Indian economy saw it being valued at ₹36.85 lakh crores, compared to ₹32.46 lakh crores in the same quarter last year in constant prices (which adjusts for inflation).

      The numbers missed a growth estimate of 15.2%, according to a poll conducted by Reuters. However, a double-digit growth was largely expected. They also attribute last quarter's growth performance to a base effect, where the initial value of something small that even a miniscule actual growth would translate to a large percentage change.

      Further, the income side of various sectors of the economy, measured by the gross value added, grew 12.7% quarterly (again measured over the same period in the previous year).

      While these numbers may at face-value be indicative that the Indian economy is shrugging off the last remnants of the slowdown caused due to the now receding COVID-19 pandemic, economists have been cautious about celebrating too soon.

      Going ahead, it is expected that inflation and unemployment would soon catch up, according to another Reuters poll. Consumer prices have been above the Reserve Bank of India's upper tolerance band of 6% since the beginning of the year, which has only worsened since the start of the Russia's military operations in Ukraine starting February 24. In April, India saw an inflation rate going as high as 7.79%.

      Economists expect the ongoing quarter's (July to September) growth rate to temper to 6,2%, 4.5% and 4.2% in the current and subsequent two quarters respectively, adding that initial impressive growth rates would shadow over the economy slowing in coming months.

      The economy would also have to prepare for more interest rate hikes till the end of year, where the benchmark policy repo rate - the rate at which banks borrow from the Reserve Bank of India - is expected to touch 6% by year end. Such moves dry up liquidity and make borrowing more expensive.

      In the last financial year, the economy grew 8.7% overall, but quarterly growth slowed to 4.1% in the last quarter.

      Also Read: India's GDP Grows 8.7% In FY22, Q4 Growth Slows To 4.1%


      Tags

      Indian EconomyGDPGross Domestic ProductMOSPIRBI
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!