Winning Bizness Desk

Mumbai. The Indian economy has made a great start to the current financial year and during the first quarter of April to June, it's economy has registered a growth rate of record 7.8 percent. This is the fastest growth rate of any major economy in the world. Notably, the financial experts of India had predicted a GDP growth rate of 7.7 percent in the first quarter and it's GDP has registered a spectacular growth leaving behind the estimates of all experts and rating agencies. Earlier, in the March 2023 quarter, the Indian economy had registered a growth of 6.1 percent, whereas during the entire financial year 2022-23, the country's economic growth was 7.2 percent. The Indian economy has performed much better during the last year. The Reserve Bank had estimated the GDP to be 7 percent during the last financial year.

Beats everyone's estimate

Earlier, all the analysts and financial experts had estimated that this time India's GDP growth rate would be 7.7%. However, India's economy which has grown at 7.8% has surprised everyone. RBI had told in the monetary policy meeting that India's GDP is estimated to be 8 percent in the first quarter. According to RBI, the country's economic growth can be 8 percent, 6.5 percent, 6 percent and 5.7 percent in all four quarters of the current financial year. Similarly, the Reserve Bank has predicted a growth rate of 6.5 percent for the current financial year.

India become the engine of global growth

With this robust performance, India has also become the engine of global growth and India has also retained the status of being the fastest growing large economy. If we look at the rest of the big economy, America, the world's largest economy, has registered a growth rate of 2.1 percent during the June quarter. Many agencies have also increased it recently by changing the estimate of India's growth rate. The IMF had earlier projected the growth rate for 2023 to be 5.9 per cent, which it later revised to 6.1 per cent. At the same time, IMF has estimated the growth rate to be 6.3 percent in 2024. Fitch Ratings has also increased the growth rate forecast for 2023-24 from 6 per cent to 6.3 per cent.