DC Edit | Inflation, exports still a concern
1 year, 3 months ago

DC Edit | Inflation, exports still a concern

Deccan Chronicle  

India’s economy performed well by growing at the rate of 7.8 per cent in the first quarter of financial year 2023-24, thanks to a significant increase in private consumption, government capital expenditure, financials and services. Though the current growth rate pales in comparison with 13.1 per cent expansion in the economy witnessed in the first quarter of FY 2022-23, it still keeps India steady as the world’s fastest-growth major economy in the world ahead of China with a 6.3 per cent growth rate. The key data points that give confidence in the country’s economic growth journey are government consumption stabilizing at 10 percent of the GDP and private consumption taking the lead at 58 per cent. According to the government data, exports constituted 20 per cent of the economy in the April-June quarter of the financial year 2024 as against 24 per cent in the year ago period, which translates into a drop of Rs 70,000 crore worth of business for the economy in just four months.

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