India remains the fastest-growing major Economy as China’s GDP

The Government has several ongoing initiatives across sectors focused on India’s GDP growth. In agriculture the Government is aiming to reorient policy focus from being production-centric to becoming income-centric. The emphasis on incomes provides a broader scope towards achieving the needed expansion of the sector.

India’s competitive agenda

The proposed Industrial Policy 2023 provides an overarching, sector-agnostic agenda for the enterprises of the future and envisions creating a globally competitive Indian industry that is modern, sustainable and inclusive.

The Champion Services sector initiative is also under way to accelerate the expansion of select service sectors. The Working Group has accounted for these initiatives and encourages a fresh impetus to achieve the target. 

India remains one of the fastest growing major economies, especially as China’s post-pandemic recovery has slowed. India’s Chief Economic Adviser V. Anantha Nageswaran maintained his 6.5% growth forecast for the full year.

India remained the fastest-growing major economy as China posted a 6.3 per cent growth in April-June 2023. According to the National Statistical Office (NSO) data, the agriculture sector gross value added (GVA) recorded growth of 3.5 per cent, up from 2.4 per cent in the April-June quarter of 2022-23.

GDP growth Rate

That India remains the fastest-growing major economy as China’s GDP growth in the April-June quarter was 6.3 per cent. The National Statistical Data (NSO) released revealed that India’s GDP recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period.   

The growth in the manufacturing sector slipped to 4.7 per cent in the first quarter of the current fiscal compared to 6.1 per cent in the year-ago period. 

The growth in Gross Domestic Product (GDP) during the January-March quarter of 2022-23 was 6.1 per cent and 4.5 per cent in October-December.

As per the NSO data, the agriculture sector recorded a 3.5 per cent growth, up from 2.4 per cent in the April-June quarter of 2022-23.

India continues to remain the fastest-growing economy in the world, as the country recorded a 7.8-per cent GDP growth in the April-June period of 2023-24, the highest in the last four quarters, on the back of double-digit expansion in the services sector.