India’s GDP to grow at its fastest pace in a year

New Delhi: The India’s gross domestic product (GDP) of India will grow  at its fastest pace in a year in the April-June quarter. The median forecast in a Reuters poll of economists revealed this.

According to the report, India’s economy grew 7.7% in the past quarter, up from 6.1% growth in the previous quarter and its fastest expansion since April-June 2022. As per the report, the growth in services and manufacturing sector is the main reason for this. India’s services sector makes up more than half of its economic output.

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Economists say lower commodity prices helped manufacturers increase margins and offset the impact of 250 basis points of cumulative interest rate increases since May 2022. S&P Global India services Purchasing Managers’ Index has remained firmly above the 50-mark separating growth from contraction for nearly two years, the longest stretch since August 2011.