Based on strong economic fundamentals, various reforms, and business activities, India remains the fastest-growing economy in the world even in the second quarter of the current financial year. This will not only increase the confidence of global investors in India but will also help in attracting investments.
Gross value added (GVA) grew by 5.6 percent to Rs 35.05 lakh crore in the July-September quarter this year, according to data released by the National Statistical Office (NSO) on Wednesday. The agriculture sector's growth rate (GVA) stood at 4.6 percent in the second quarter, compared to 3.2 percent in the year-ago period. The growth rate of the services sector ie hotel, trade, transport, communication, and services was 14.7 percent. The sector had grown at a rate of 9.6 percent in the same quarter of 2021-22. At the same time, the growth rate of financial, real estate, and professional services increased to 7.2 percent during this period. It was 6.1 percent in the second quarter of the last financial year.
Country moving towards achieving 6.8 to 7.0 percent economic growth rate: CEA
Chief Economic Advisor V Ananth Nageswaran said on Wednesday that the country's economy is on track to achieve 6.8 to 7 percent economic growth in the current financial year. He said the pace of economic reform is continuing. GDP has reached near the level of 2019-20.
He said the figures of festive sales, PMI, credit growth of banks, and vehicle sales show that despite the adverse conditions at the global level, the pace of the economy is maintained.
IMF has projected India's growth rate to be 6.8%.
India's economic growth slowed down to 6.3 percent in the July-September quarter, compared to 8.4 percent in the same period of 2021-22. However, there was an increase of 9.7 percent in the first half.
India will be successful in tackling inflation: Finance Minister
Finance Minister Nirmala Sitharaman on Wednesday expressed confidence that India will be able to tackle inflation better. India has already created a very good framework in terms of supply-side pressures on food prices. Retail inflation has remained above the Reserve Bank's 6% since January. The Finance Minister admitted in a program that inflation is going to persist due to the import of commodities like crude oil.
"We will probably be able to handle inflation better," he said. The RBI signals point to a downside and will be in its range by the beginning or middle of next year. Inflation is going to be influenced by external factors, but within India, we are better placed in terms of agricultural supplies and energy.
Target to double the contribution of MSMEs to the economy
Union minister Bhanu Pratap Singh Verma on Wednesday said the government has set a target of doubling the contribution of the country's micro, small and medium enterprises (MSME) sector to the economy by harnessing its full potential. The contribution of the MSME sector to GDP is currently one-third. The Minister of State for MSME said the Ministry is working in this direction by removing the bottlenecks of the sector.
Basic Industries: Decline in crude oil and electricity production
The growth rate in the country's eight core industries slowed down to a 20-month low in October. During this period, the growth rates in coal, steel, and electricity production declined to 3.6 percent, 4.0 percent, and 0.4 percent respectively. However, there was an increase of 5.4 percent in fertilizer production.
Retail inflation of industrial workers declined to 6.08 percent in October
Retail inflation for industrial workers eased to 6.08 percent in October due to cheaper food items. It was 6.49 percent in September a month ago. The Ministry of Labor said on Wednesday, it was 4.52 percent in October 2021, a year ago. According to the statement, food inflation came down to 6.52 percent last month, as against 7.76 percent in the previous month. Whereas a year ago in October 2021 it was 2.20 percent. The All-India Consumer Price Index (CPI-IW) for Industrial Employees increased by 1.2 points to stand at 132.5 in October this year.
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