India's GDP is estimated to rise 15.4% in the three months to June from a year ago-Bloomberg survey
Published On: Tuesday, August 30, 2022 | By: Team KnowMyStock
Last quarter economy of India probably grew at the fastest rate in a year driven by healthy consumption, but the pace of expansion is seen slowing as policymakers prioritize rising prices overgrowth. Gross domestic product is estimated to rise 15.4% in the three months to June from a year ago, according to a Bloomberg survey of economists. That’s the fastest reading since the April-June quarter of 2021 and compares with a 4.09 expansion in the previous three months.
The Statistics Ministry is due to release the data for the first quarter of the fiscal year that started April 1 at 5:30 p.m. India time tomarrow. Stock and bond markets will be shut on the day for Ganesh Pooja.
Resumption of activity in India’s dominant services sector, following the lifting of pandemic curbs, and a record jump in exports added to the momentum. The pace will likely moderate in coming quarters as the central bank raised rates by 140 basis points this year to bring price gains under its 6% target ceiling.
The International Monetary Fund sees Asia’s third-largest economy sustaining its world-beating growth tag as the lender estimates a growth of 7.4% this year and 6.1% thereafter. A fast pace of expansion is crucial for India to attract investors and create jobs for its growing population.
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