NEW DELHI : India is set to release data on Wednesday that is expected to show the economy grew by 5 per cent in the January-March quarter from a year earlier, accelerating from 4.4 per cent in the previous quarter due to steady urban demand and government spending.The median forecast from a Reuters poll
NEW DELHI : India is set to release data on Wednesday that is expected to show the economy grew by 5 per cent in the January-March quarter from a year earlier, accelerating from 4.4 per cent in the previous quarter due to steady urban demand and government spending.
The last official estimate for the full 2022/23 fiscal year put growth at 7 per cent, though that could be revised when the GDP data is released on Wednesday at 1200 GMT. Some private economists reckoned growth in the year to March 31 could turn out around 6.8 per cent. The performance looks less impressive considering that the economy was still working through the tail-end of the pandemic during the previous year.
Prime Minister Narendra Modi remains widely popular after nine years in power, but his Bharatiya Janata Party lost assembly elections in the southern state of Karnataka this month as the opposition Congress party promised to step up subsidies for households hit by inflation and unemployment.
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