India Is Still ‘Fastest Growing’ Economy

IAS Prelims 2023

Two critical macro data points—GDP growth and core infrastructure performance—released recently reflected a rosy picture of an economy.

Cementing India’s pole position as the fastest growing large economy in the world, the country’s fourth quarter GDP growth stood at a higher-than-anticipated 9%.

Growth of following sectors:

1. Agriculture revived in March quarter registering 2.3% growth, against contraction of 1.7% in the same quarter last fiscal.

2. Manufacturing grew 9.3% in fourth quarter, against 6.6% growth in same quarter last fiscal. For the entire 2015-16, the sector grew 9.3%, against the growth of 9.5% in the advance estimates.

3. Private corporate sector growth (which has a share of around 69% in the manufacturing sector), as estimated from available data of listed companies with BSE and NSE, was at 10% at current prices during 2015-16.

4. The mining sector, too, recorded a growth rate of 8.6% in the fourth quarter, against 10.1% growth in same quarter last fiscal.