FOCUS_KEYWORD: India Economic Growth
SEO_TITLE: India’s Economy Expands 7.6%, Beats Forecasts
SEO_DESCRIPTION: India’s economy posted a robust 7.6% expansion in the latest quarter, significantly surpassing analyst forecasts. This strong India economic growth signals sustained momentum.
TAGS: business, economy, finance, markets, banking, stock markets, startups, reforms, RBI, GDP, India, economic growth, investment, inflation, emerging markets, financial news, economic outlook, government policy, monetary policy, infrastructure
CONTENT:
NEW DELHI — India’s economy expanded by a significant 7.6% in the second quarter of the current fiscal year (July-September 2023), dramatically outperforming analyst expectations. This robust growth figure marks a strong acceleration, surprising many economists who had forecasted a rate closer to 6.8%.
The National Statistical Office (NSO) reported that the gross domestic product (GDP) growth was primarily driven by strong performances in the manufacturing and construction sectors. Manufacturing output surged by 13.9% year-on-year, while the construction sector witnessed an impressive 13.3% increase.
These figures indicate a broad-based recovery and sustained momentum across key economic pillars. Services also maintained healthy growth, contributing significantly to overall economic vitality. Investment activity remained strong, further bolstering the expansion.
Domestic demand and increased government capital expenditure provided crucial impetus during the period. Despite global headwinds and inflationary pressures, the Indian economy has demonstrated remarkable resilience.
“This robust performance underscores India’s resilience amidst global headwinds and highlights the strength of its domestic consumption,” stated Dr. Maya Singh, Chief Economist at Equinox Bank.
The Reserve Bank of India (RBI) and government policies are expected to continue focusing on sustaining this growth trajectory. Future prospects remain optimistic, though monitoring inflation and global economic stability will be critical.
