India records strong 7.2% annual growth, data shows
Sign up now: Get ST's newsletters delivered to your inbox
A fall in food, crude oil and raw material prices boosted demand for services such as air travel and manufactured items.
PHOTO: AFP
Follow topic:
NEW DELHI – India’s economy grew by 7.2 per cent in the year to March, official figures showed on Wednesday.
It was boosted by a robust services sector and domestic consumption.
The earlier estimate was for a growth of 7 per cent.
India’s economy expanded 9.1 per cent in 2021/22.
In the fourth fiscal quarter from January to March, the world’s fifth-largest economy grew by 6.1 per cent compared to the same period last year, according to the data released by the National Statistical Office.
Asia’s third-largest economy expanded faster than the forecast of 5 per cent by economists in a Reuters poll in the last quarter of the fiscal year 2022/23 ending in March, up from a revised 4.5 per cent in the previous quarter, government data showed on Wednesday.
A fall in food, crude oil and raw material prices boosted demand for services such as air travel and manufactured items like cars and mobile phones.
Economists, however, warn that a global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.
In the March quarter, India’s manufacturing sector output rose 4.5 per cent year-on-year, compared to a 1.1 per cent contraction in the previous quarter. Farm output was up 5.5 per cent compared to a 3.7 per cent growth in the same period. AFP, REUTERS
