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Economy on high growth path due to continuous reforms: India Inc

New Delhi: India ink Said 8.4 percent on Thursday GDP growth In October-December quarter FY24 has “exceeded” expectations, and the economy remains on a sustained high growth path Improvement Done by the government.
from india Economic Development It increased to 8.4 per cent in the October-December quarter of the current financial year due to double-digit growth in the manufacturing sector and good performance by the mining and quarrying and construction sectors.
According to data released on Thursday by the National Statistical Office (NSO), GDP growth in the October-December 2022 quarter was 4.3 percent.
“The industry is encouraged to see a strong set of GDP growth numbers for the third quarter (YoY), which far exceeded expectations… What is noteworthy is that this strong expansion comes despite recurring bouts of geopolitical flashpoints. It happened despite.” CII Director General Chandrajit Banerjee said.
He further said that the Indian economy is on a high growth path due to structural reforms and improvement in both the ease and cost of doing business.
“This gives us confidence that the Indian economy will continue to grow at more than 7 per cent growth rate in the medium term,” he said.
ASSOCHAM Secretary General Deepak Sood said India’s impressive 8.4 per cent GDP growth in the third quarter of 2023-24 is indeed commendable.
“The most important thing is the double-digit expansion in the manufacturing sector. Sustained high growth in the manufacturing sector can bring a transformational change in the direction of our economy,” he said.
Mining and quarrying grew 7.5 percent in the third quarter, up from 1.4 percent a year earlier, according to NSO data. The construction sector maintained growth momentum at 9.5 percent compared to the same growth rate a year ago.
However, agriculture sector output declined by 0.8 per cent during the quarter, compared with a growth of 5.2 per cent a year ago.
Commenting on the data, ICRA Chief Economist Aditi Nair said the third-quarter data on India’s growth revealed a different trend, with GVA growth slowing to broadly the expected level at 6.5 per cent, and gross domestic product (GDP) slowing to 6.5 per cent. There has been a much higher increase than the domestic product. Anticipated.
“This widening of the gap follows the growth of net indirect taxes this quarter to a six-quarter high of 32 per cent, which is unlikely to be sustainable. In our view, it may be more appropriate to look at the trend of economic activity. To understand the underlying dynamics of GVA growth,” she said.
The NSO also released the second advance estimates for the current fiscal year and pegged economic growth at 7.6 percent compared to 7.3 percent estimated in the first advance estimates released in January.

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