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Moody’s Forecast: The GDP results for the first quarter of the current financial year have been announced by the government on Thursday. According to the data, India’s growth rate was 7.8 percent between April and June. Which is more than January to March. After the GDP figures came out, now Moody’s has made a big announcement about the Indian economy. The agency has said that India’s growth rate will be 6.7 percent during 2023. Earlier, Moody’s had estimated the Indian economy to grow at 5.7 percent in 2023.
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Said this for 2024
Moody’s has announced a cut in its forecast for the year 2024. The rating agency says that India’s GDP will be 6.1 percent next year. Earlier, Moody’s had estimated that the Indian economy would grow at 6.1 percent in the election year.
India defeated China
Along with this, India is one of the fastest growing major economies. China’s GDP growth rate was 6.3 percent in the April-June quarter. While India’s was 7.8 percent. Gross value added (GVA) in the agriculture sector was 3.5 per cent in the June quarter of the current financial year, as against 2.4 per cent in the same quarter of 2022-23 a year earlier, according to NSO data. Financial, real estate and professional services GVA stood at 12.2 percent in the quarter ended June 2023 as against 8.5 percent in the same quarter a year ago. However, the GVA of the manufacturing sector declined to 4.7 per cent during the period under review, as against 6.1 per cent in the same period last fiscal.
(with agency inputs)