India's GDP growth exceeds expectations, but key to 'Amrit Kaal' lies in manufacturing
1 year, 6 months ago

India's GDP growth exceeds expectations, but key to 'Amrit Kaal' lies in manufacturing

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The coming 24-25 years will be crucial to India in determining its stakes as a global political and economic power. The fifth-largest economy now needs to gear up to its highest potential, with the manufacturing sector being given a fair chance to show its charisma Outperforming expectations, India’s GDP grew at the rate of 6.1 per cent in the last quarter of the financial year 2022-23, pushing the annual GDP growth rate to 7.2 per cent as against the earlier estimate of 7 per cent, according to the provisional national income data released by the National Statistical Office last Wednesday. The Gross Value Added growth in the manufacturing sector accelerated to 4.5 per cent year-on-year in the fourth quarter of the financial year 2022-23 as compared to 0.6 per cent a year ago, and after a dismal performance in the previous two quarters of FY 23. Now, let’s have a look at India, the fifth largest economy, with a ten-year average growth rate of 6.49 per cent according to the IMF. As the New India plans to find its rightful place in the world order and hence pursues the upcoming 25 years as an Amrit Kaal to realise the same, manufacturing sector will have to play its legit part in making of a $20 trillion economy by that time, as per an article published in The Economics Times the sector can contribute up to 22 per cent against the base prediction of 17 per cent, translating to a sector size of approximately 4.5 trillion dollars by 2047.

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