India cements position as fastest-growing major economy with 5-quarter high GDP growth of 7.8%: Key takeaways

India’s gross domestic product (GDP) expanded 7.8 per cent in the April-June period, beating economists’ expectations and better than the Reserve Bank of India’s annual forecast, official data showed on Friday. The latest official reading marked the highest rate recorded in five quarters, cementing India’s position as the fastest-growing major economy.  

Economists polled by Zee Business had pegged the June-quarter GDP growth rate at a flat 6.5 per cent on a year-on-year basis. 

The GDP growth rate was higher than the 6.5 per cent recorded in the corresponding period a year ago. It also beat foreign agency forecasts by a wide margin. Credit rating agency S&P has forecast the country’s GDP to expand 6.8 per cent annually over the next three years.

The country’s GDP expanded at the fastest pace in five quarters in the April-June period, according to official data.

Areas like agriculture, manufacturing, and financial, real estate and professional services account for 55 per cent of the country’s overall GDP. 

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