Economy growth of over 7 pc has surprised pundits yet again: Arvind Panagariya
Arvind Panagariya said on Thursday. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining, and services sectors, the government data showed on Thursday.
The Gross Domestic Product (GDP) expanded 6.2 per cent in the July-September period.
«Indian economy surprises our pundits yet again. The average of what they predicted for July-Sept quarter was 6.7% growth… The economy delivered 7.6%. I hope they learn that India is now on a 7% plus growth trajectory,» he posted on social media platform X.
Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said the country's economy registered strong growth in the September quarter of this fiscal.
«The full year growth for 2023-24 is likely to be in the upper end of the 6.5-7 per cent range,» Sanyal said.
India remained the fastest-growing major economy, as China posted a 4.9 per cent growth during the quarter under review.
According to the National Statistical Office (NSO) data, the agriculture sector Gross Value Added (GVA) growth decelerated to 1.2 per cent in the September quarter from 2.5 per cent a year ago.
The expansion in financial, real estate, and professional services' GVA was 6 per cent, down from 7.1 per cent in the year-ago period.
The GVA in the manufacturing sector showed a 13.9 per cent growth in the second quarter of the current fiscal compared to a contraction of 3.8 per cent in the year-ago period.
