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GDP Growth: India's economy has gained momentum

GDP Progress: India's economic system has picked up tempo. Within the fourth quarter of the monetary yr 2023-24 ended March 2024, it grew at a fee of seven.8 p.c on an annual foundation. With this, the expansion fee of gross home product (GDP) elevated to eight.2 p.c in the complete monetary yr. In accordance with official information launched on Friday, the GDP progress fee in January-March 2024 was 7.8 p.c, which was 6.2 p.c in the identical quarter a yr in the past.

Slower tempo than October-December, 2023

In accordance with media stories, nevertheless, the expansion fee within the March quarter has slowed down as in comparison with October-December, 2023. Within the December quarter, the nation's economic system grew at a excessive fee of 8.6 p.c. GDP signifies the overall worth of ultimate items and companies produced throughout the geographical boundary of the nation in a given interval. In accordance with the information launched by the federal government, the fiscal deficit stood at 5.63 p.c of GDP within the monetary yr 2023-24, whereas the revised estimate was 5.8 p.c.

GDP grew on the fee of 8.2 p.c

In accordance with the information of the Nationwide Statistical Workplace (NSO), the nation's GDP grew on the fee of 8.2 p.c in the complete monetary yr 2023-24. The GDP progress fee was seven p.c within the monetary yr 2022-23. In its second advance estimate, the NSO had projected the GDP progress fee for the monetary yr 2023-24 to be 7.7 p.c. On the financial entrance, the financial progress fee of India's most important rival China was 5.3 p.c within the January-March quarter.

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Progress fee of primary industries stood at 6.2 p.c in April

The expansion fee of main primary industries elevated to six.2 p.c in April. This data was given within the official information launched on Friday. In accordance with official information, the expansion fee of primary industries has been good attributable to higher manufacturing of pure gasoline, refinery merchandise and electrical energy within the month of April. The expansion fee of those eight industries was six p.c in March, whereas a yr in the past in April 2023 it was 4.6 p.c. Coal, crude oil, pure gasoline, refinery merchandise, fertilizers, metal, cement and electrical energy are counted among the many primary industries. They collectively have a 40.27 p.c share within the nation's Index of Industrial Manufacturing (IIP).

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