The financial system grew by 13.5 p.c within the first quarter (April-June, 2022) of this 12 months. This was the quickest progress of the 12 months. Within the fourth quarter (January-March) of the monetary 12 months 2021-22, a rise of 4.1 per cent in GDP, 5.4 per cent within the third quarter (October-December) and eight.4 per cent within the second quarter (July-September) was recorded. Within the quarter of June 2022, contraction was seen within the main economies of the world – America and Britain. India’s GDP grew by 6.3 p.c within the September 2022 quarter as nicely. Earlier this month, Reserve Financial institution Governor Shaktikanta Das mentioned, within the midst of the worldwide financial disaster and regardless of a risky international setting, the Indian financial system continues to be resilient. Banks and corporates are more healthy than earlier than the disaster. Financial institution credit score has been rising in double digits for the previous eight months and India is extensively seen as a promising vacation spot on the earth.
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