India’s economic growth accelerated to 6.1 per cent in the first quarter, government data showed yesterday, boosted by government and private capital spending even as private consumption remained sluggish.
Yesterday’s reading showed India remains one of the fastest growing emerging economies, especially with China’s recovery stumbling.
The government expects growth could remain around 6.5pc in the current fiscal year, despite risks emerging from a global slowdown.
“The risks are evenly balanced between the downside and the upside,” V Anantha Nageswaran, chief economic adviser at the finance ministry, told reporters after the data release.
He said indicators such as auto, steel and power consumption for April showed a pick-up in activity and a sustained growth momentum.
Asia’s third-largest economy expanded faster than the forecast of 5pc by economists in a Reuters poll in the last quarter of the 2022/23 fiscal year through March, up from a revised 4.5pc in the previous quarter.
The full-year growth estimate was revised to 7.2pc from an earlier estimate of 7pc. India’s economy grew 9.1pc in 2021/22.
&uuid=(email))