INDIA’S economy grew at a faster pace than expected in the April to June quarter, official data showed on Monday, quelling fears that the Iran war would derail growth in Asia’s third-largest economy.
Gross domestic product rose 7.8 per cent in the three months through June from the same period a year earlier, helped by a robust services sector, according to data from the statistics ministry.
While this was down from a revised 8.6 per cent recorded in the previous quarter, it was still above market expectations of 7.3 per cent growth.
“Growth was led by services, but a key upside surprise came from manufacturing, which grew 9.2 per cent,” Teresa John of Nirmal Bang Institutional Equities told AFP.
Prime Minister Narendra Modi called the figures a “herculean feat”, noting that it came despite “oil price shocks and supply chain issues”.
“Doomsayers were doomed and India bloomed… yet again!” the premier said in a post on X.
Monday’s reading cements India as the world’s fastest growing major economy, and is a shot in the arm for Modi’s government, which has been grappling with political setbacks and a series of delicate policy challenges. — AFP
#TheGlobalNewLightOfMyanmar