Indian Economy Grows 7.8% In The April-June Quarter (Image:pixabay.com/illustrations)

India”s GDP shows a sharp inflation of 7.8% in the April-June Quarter due to private consumption and investment. The growth was 6.1% in the previous quarter from January-March, says records.

However, the current achievement fell short of the Reserve Bank of India”s 8 percent forecast.

The GDP growth in April-June quarter of 2022-23 was 13.1% and for October-December it was 4.5%.

With China logging 6.3 percent growth in the first quarter, India remains the fastest-growing major economy, reports NDTV.

The agriculture sector grew 3.5 percent in the first quarter, up from 2.4 percent in the year-ago period. In the manufacturing sector, growth dipped from 6.1 percent to 4.7 percent, says the reports.

“The construction sector will continue to expand in the coming years”, NDTV quoted Union Chief Economic Adviser V Anantha Nageswaran.

“The services sector will grow more vigorously than the manufacturing sector”, Mr Nageswaran added.

According to the Ministry of Commerce, the Combined Index of Eight Core Industries increased 8 percent in July as compared to the year-ago period.

The next GDP growth figures will be released on November 30. It includes ongoing July-September quarter.

Days earlier, the government shared a graph of annual GDP growth rate of top economies in 2023, which showed India at the top spot. “India”s economy stands tall among the top 10,” NDTV quoted the government.