India’s GDP Growth Surpasses Expectations, Agriculture Sector Sees Increase
The National Statistical Office (NSO) has released India’s latest GDP figures, showing a growth of 6.1% in the January-March 2023 period, compared to 4.4% in the previous quarter. The agriculture sector has seen a sharp increase, with GVA growth increasing from 4.7% to 5.5%, and the entire financial year 2022-23 saw a growth of 7.2%, more than the RBI’s estimate of 7%. IMF forecasts predict that India will remain the number one country in the world.
GDP Growth Rates by Sector
– Agriculture: 5.5%
– Mining: 4.3%
– Construction: 10.4%
– Electricity: 6.9%
– Manufacturing: 4.5%
– Financial: 7.1%
– Trade and Hotels: 9.1%
Quarterly GDP Growth Rates
– Q1: 13.1%
– Q2: 6.2%
– Q3: 4.5%
– Q4: 6.1%
What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced in a country in a given year. It is like a mark sheet for the economy, showing which sectors are performing well and which are not.
Economists are pleased with the latest GDP figures, with experts citing the growth rate in the agriculture sector and India’s position as the world’s leading country as reasons for optimism.
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