India's economy grew by 13.5 percent in the June quarter, the fastest in a year

The country's economy has grown at the rate of 13.5 percent in the first quarter (April-June) of the current financial year. This information has been received from the data released on Wednesday by the National Statistical Office (NSO). According to government data, the country's Gross Domestic Product (GDP) growth rate was recorded at 13.5 per cent in the April-June quarter of the current financial year, as compared to 4.1 per cent in the January-March quarter. In the April-June quarter of the previous financial year (2021-22), the GDP growth rate was 20.1 percent.

Considering the comparative basis, many analysts had projected the country's economic growth rate to be in double digits. Rating agency ICRA had projected the GDP growth rate to be 13 percent in the first quarter of the current financial year, while a report of State Bank of India had projected it to be 15.7 percent. In the monetary policy review this month, the Reserve Bank of India had projected the GDP growth rate to be around 16.2 percent in the first quarter of 2022-23. China's growth rate in the April-June quarter of 2022 has been 0.4 percent.

The growth of 13.5% is the second highest growth of the Indian economy. Earlier, in the first quarter of the last financial year, GDP growth was 20.1%. With this, India remains the fastest growing economy in the world. Experts believe that after Corona, now the economic activities of the country have returned to normalcy. There has been a rapid increase in activities especially in the service sector. These include entertainment, restaurants, sports, banking etc. On the other hand, core sector output slowed down to 4.5 per cent in July from the same level a year ago.