- The GDP growth came in at a solid 7.8% YoY in Q1 FY 2024 with both consumption and investment activity grew at a robust rate.
- This growth is quite significant since it has been achieved even though the government expenditure declined compared to Q1 FY 2023 and weak global demand weighed on exports.
- Services growth was led by financial and real estate services which grew at 12.2% YoY.
- Even other services like trade, hotel & transport grew at 9.2% YoY indicating the solid revival in contact intensive services post Covid. Construction also grew at 7.9% YoY.
- Manufacturing and mining also grew at 4.7% and at 5.8% respectively, making the up move quite broad based.
- Although there was a slowdown in agriculture and a sparse rainfall distribution in August may make its revival more challenging, the growth in major parts of economy has more than covered for this, confirming India’s long term growth trajectory.
- At the crucial G20 meet, India’s top agendas will focus on Green Development, Climate Finance and propelling inclusive and resilient growth. PM Modi will focus extensively on accelerating progress on Sustainable Development Goals (SDGs), Digital Public Infrastructure (DPIs) and multilateral institutions. He will also raise women-led development and G20 economic importance in the summit.
- If India succeeds in expanding the G20 to G21 by including the African Union, its claim for a permanent membership to the United Nations Security Council (UNSC) will be strengthened.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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