New Delhi: The National Statistical Office (NSO) of India has released data showing that the country’s GDP grew by 7.8% in the first quarter of 2023.
The growth was driven by strong performances in the manufacturing, construction, and services sectors. The manufacturing sector grew by 19.6%, the construction sector grew by 13.5%, and the services sector grew by 8.1%.
The growth was also supported by a pick-up in investment and consumption. Private investment grew by 16.2%, and private consumption grew by 7.5%.
The government’s stimulus measures, such as the production-linked incentive (PLI) scheme, are also credited with supporting the growth.
The GDP growth in the first quarter is higher than the 4.1% growth recorded in the same quarter of the previous year. It is also higher than the 6.3% growth forecast by the Reserve Bank of India (RBI).
The RBI has maintained its growth forecast for the full year 2023 at 7.2%. However, some economists believe that the growth could be even higher, given the strong performance in the first quarter.
The GDP growth is a positive sign for the Indian economy. It shows that the economy is recovering from the pandemic and is on track to achieve its growth targets.
However, there are some risks to the outlook. These include the ongoing war in Ukraine, which could disrupt global supply chains and raise inflation.
Overall, the GDP growth in the first quarter is a positive sign for the Indian economy. However, there are some risks to the outlook that need to be monitored. The factors that could boost GDP growth in India in the coming quarters include continued strong performance of the manufacturing, construction, and services sectors.
Further pick-up in investment and consumption, implementation of the government’s stimulus measures, such as the PLI scheme, and improvement in the global economy can fuel Indian GDP.