Economy of India / India will be on the growth track at this speed, here are two proofs

Vikrant Shekhawat : May 20, 2024, 08:34 AM
Economy of India: If any economy is growing at the fastest pace in the world at present, then India's name is in the top list. India has already become the fifth largest economy in the world. Now it is moving forward rapidly in the race to become the third largest economy in the world. Today we are going to present before you two proofs that the country is progressing rapidly. The first evidence is the report issued by India Ratings and the second, which can prove how its results are looking on the ground.

India Ratings released report

India Ratings and Research (Indira) expects the country's gross domestic product (GDP) growth rate to be 6.7 percent in the March quarter and around 6.9-7 percent in the financial year 2023-24. Sunil Kumar Sinha, chief economist of the rating agency, has predicted that the government will release preliminary estimates of GDP growth for the fourth quarter (January-March 2024) and financial year 2023-24 on May 31. The Indian economy has grown at the rate of 8.2 percent in the June quarter of 2023-24, 8.1 percent in the September quarter and 8.4 percent in the December quarter.

He said that we are expecting that the growth rate for the fourth quarter will be 6.7 percent and the overall GDP growth rate for the financial year 2023-24 will be around 6.9-7 percent. He said that the growth rate in the first two quarters benefited from a low base, although the growth rate of 8.4 percent in the third quarter (October-December 2023) was surprising.

Exports are increasing in the country

The country's total exports have increased by 6.88 percent in April. The first sign of any strong economy is the strength of its exports and reduction in trade deficit (the difference between imports and exports). Therefore, India is continuously trying to strengthen its exports, and its effect is also visible. If we look at the latest data of the Commerce Ministry, the beginning of the financial year 2024-25 has been excellent in terms of exports. The country's total exports (goods and services) have increased by 6.88 percent in April 2024. In April this year, a total of 64.56 billion dollars were exported from the country, whereas in April last year this figure was only 60.40 billion dollars.

At the same time, India's imports are also increasing like exports, which is a major indicator of demand pull in the country. The country's total imports increased by 10.25 percent to $54.09 billion in April, which was $49.06 billion in April 2023. In this, the import of services was 16.97 billion dollars. It was $13.96 billion in April last year.