India’s economy expanded by 7.6 per cent in the September quarter of this fiscal, down from 7.8 per cent in the previous quarter. The growth was attributed to better performance in manufacturing, mining, and services sectors, according to government data. China, in comparison, posted a 4.9 per cent growth in the same period.
Prime Minister Narendra Modi praised the resilience and strength of the Indian economy in the face of global challenges. However, the agriculture sector’s growth decelerated to 1.2 per cent, while the financial and real estate sectors also saw a decline in growth. On the other hand, the manufacturing and mining sectors showed significant improvement.
The quarter also saw a 12.1 per cent jump in the output of eight key infrastructure sectors, thanks to increased coal, steel, cement, and electricity production. Additionally, the government’s fiscal deficit at the end of October was at 45 per cent of the full-year budget estimate.
