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India Business News: GDP data explained: India has retained its tag of being the fastest growing major global economy. The Indian economy is on a strong footing led by dom
Addressing the media after the release of GDP data, Nageswaran also highlighted that tax revenue has grown at almost double the pace of nominal GDP expansion in the first half of FY24, which is unusual. This, he said, is prompting him to wonder if the nominal growth rate has been understated. It's certainly not overstated, as is the perception in certain quarters, he asserted.
The latest forecast still means record borrowing volume in the fourth quarter.
Finance Ministry, in its latest post on X, defended its GDP numbers and gave a 10-point reply to critics who are questioning the GDP data
India's economy grew at a rate of 7.8% in the June quarter, driven by a recovery in services and an increase in investment. The data also showed an improvement in consumer demand. However, economists expect growth to moderate due to factors such as a below-par monsoon, high inflation, and an adverse global environment. Election spending and festive demand may provide some support to growth.