Financial, Real Estate and Professional Services Grow at 7.1% in Q1 2023
The latest data from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the growth rate of financial, real estate, and professional services stood at 7.1% in the quarter ending March 2023. This represents a significant increase from the 5.7% growth rate recorded in the same quarter a year ago.
Public Administration, Defense, and Other Services Grow at 3.1%
Meanwhile, the growth rate of public administration, defense, and other services was 3.1% in Q1 2023, down from 5.2% in the same quarter a year ago. The data also shows that the discrepancy at the time of calculating national income was Rs 3,80,964 crore in 2022-23, which is less than the Rs 4,47,182 crore recorded in the previous year.
Experts Optimistic About India’s Economic Growth
Despite the challenges posed by the COVID-19 pandemic and the global economic slowdown, experts remain optimistic about India’s economic growth prospects. The rise in growth rates of financial, real estate, and professional services is particularly encouraging, given their significant contribution to the economy.
Government Initiatives Driving Growth
The government’s initiatives to boost the economy, such as the Atmanirbhar Bharat Abhiyan and the National Infrastructure Pipeline, are expected to drive growth further. These initiatives aim to increase investment in key sectors such as infrastructure, manufacturing, and agriculture, which will create more jobs and boost economic activity.
Overall, the latest data on India’s economic growth is positive news for the country. The rise in growth rates of financial, real estate, and professional services is a particularly encouraging sign, as these sectors are crucial drivers of economic activity. With the government’s continued focus on boosting the economy, India is well-positioned to achieve sustained growth in the coming years.
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