Bharat Express

GDP

''India is an engine of global growth,'' says Gopinath without mincing words. ''Still, a lot more work has to be done,'' adds she..

The better-than-expected GDP growth numbers even saw Prime Minister Narendra Modi tweeting that the data “underscore the resilience of the Indian economy amidst global challenges”.

Government data released on Wednesday revealed that the economy exceeded all estimates by achieving a growth rate of 6.1 percent in the January-March quarter, a significant increase from the revised growth of 4.5 percent in the previous quarter.

Manufacturing and capital spending as a percentage of GDP has continuously risen, Morgan Stanley said, adding export market share is projected to more than double to 4.5 per cent by 2031.

Last week, Reserve Bank Governor Shaktikanta Das said the growth for 2022-23 is expected to be more than the advance estimate of 7 per cent.

Service exports jumped over 40% in FY23, according to government data last month.

The country's GDP grew at 6.1 per cent in January-March 2023, the data showed.

Moreover, its global pitch for mutual cooperation has also promoted various agendas that include digital transformation, inclusive development, clean energy, gender equality, sustainable infrastructure and adequate reforms in the international system.

India's remittances exceed $100 billion in 2022

Finance Minister Nirmala Sitharaman expressed her concerns regarding the global economic outlook despite India's projected growth rate of over 6% this year.