Team Blitz India
NEW DELHI: India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing.
Gross domestic product, or GDP, growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the Reserve Bank of India (RBI).
The growth compares to 6.2 per cent in the same quarter last year and 7.8 per cent expansion in the preceding quarter, official data released on November 30 showed.
India’s GDP growth beat China’s 4.9 per cent rise in July-September, while the Western economies are getting crushed under high-interest rates and energy prices.
The surprise GDP growth, which indicates that the economic recovery is on track despite the adverse geopolitical situation, was primarily driven by an acceleration in the manufacturing sector, which surged to a nine-quarter high of 13.9 per cent from 4.7 per cent in April-June. Private consumption and agriculture demand, however, remained muted.
