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- India GDP Q1 Growth LIVE updates: India's GDP grows at 13.5% in Q1 of FY23
India GDP Q1 Growth LIVE updates: India's GDP grows at 13.5% in Q1 of FY23
Indian economy expanded at 13.5% in the first quarter of financial year 2022-23. The period from April to June was marred by geopolitical crisis that arised as a result of Russia's invasion of Ukraine. Besides, the impact of heatwave on crop output, elevated commodity prices or inflation also brought down consumer sentiments. Stay with TOI for all latest updates.Read Less
Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crores in Q1 2021-22, government says
Indian economy grows at 13.5% in first quarter of FY23
Core sector output slows down to 4.5% in July
The output of eight core infrastructure sectors slowed down to 4.5 per cent in July -- the lowest in six months -- against 9.9 per cent in the year-ago period, according to official data released on Wednesday. The output of these infrastructure sectors expanded by 13.2 per cent in June, 19.3 per cent in May, 9.5 per cent in April, 4.8 per cent in March, 5.9 per cent in February and 4 per cent in January.
Consumer spending hit due to soaring inflation
Consumer spending, which accounts for nearly 55% of economic activity, has been hit hard following a rise in prices of food and fuel, though monthly inflation has moderated in the past three months.
Over the past seven decades, its GDP has grown from just Rs 2.7 lakh crore to Rs 150 lakh crore.
India was classified as a 'third-world' country at the time of Independence from British rule in 1947.
FM to review state of economy at FSDC meeting on Sep 15
The 26th meeting of the high-level panel to be held in Mumbai will be attended by all financial sectoral regulators, including RBI governor Shaktikanta Das, sources said.
What is a developed nation
A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI), which includes education, literacy and health.
IMF forecasts India to grow by 7.4% in FY23
According to the International Monetary Fund, the Indian economy is forecast to expand by 7.4 per cent in 2022-23, making it one of the world's fastest-growing economies.
What is higher-income nation
According to the World Bank's definition, a country with a per capita annual income of over $12,000 is considered as a higher-income nation.
Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047.
India, the world's sixth largest economy with a GDP of $2.7 trillion, is currently classified as a developing nation.
India can become an upper-middle-income country by 2047: Bibek Debroy
India can become an upper-middle-income country by 2047 if it manages to achieve a sustained growth rate of 7-7.5 per cent for the next 25 years, EAC-PM Chairman Bibek Debroy said on Tuesday. The country can become a $20 trillion economy by 2047 at this growth rate, he added.
Economists see RBI raising repo rate to 6% by December
After cumulative hikes of 140 basis points in three moves since May, economists pencil in another 35 basis-point hike in the September monetary policy review, and a quarter-percentage point increase in December, bringing the main interest rate to 6%.
India's Q1 FY23 GDP data to be released this evening
India's GDP data for the April-June quarter of this fiscal year, gauging the country's economic growth, will be released by the National Statistical Office (NSO) later this evening.
Economy faces resilience test amid rising interest rates
Gross domestic product (GDP) is estimated to rise 15.4% in the three months to June from a year ago, according to a Bloomberg survey of economists. That’s the fastest reading since the April-June quarter of 2021 and compares with a 4.09% expansion in the previous three months.
Stock and bond markets are shut today on account of Ganesh Chaturthi
Economy probably grew at its fastest pace in a year in June quarter
India's economy probably achieved its fastest annual expansion in a year in the April-June quarter, economists said, expecting the pace to sharply slow this quarter and in the next two as higher interest rates hit economic activity.
The last time India's GDP achieved higher annual growth was in April-June 2021, when it was 20.1% higher than the pandemic-depressed level of a year before.
Gross domestic product (GDP) in the three months to June 30 was probably 15.2% higher than a year earlier, a Reuters poll showed this week. January-March GDP was up 4.1% on a year before.
