India's Gross Domestic Product (GDP) on Thursday (August 31) displayed notable acceleration in the first quarter of the ongoing financial year, reaching 7.8%. The data, shared by the Ministry of Statistics and Programme Implementation reveals a positive trajectory for the economy.

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The GDP growth of 7.8% for the April-June quarter marks an impressive rise from the 6.1% recorded in the previous financial year's fourth quarter.

It should be noted that the Reserve Bank of India (RBI) had forecasted a GDP growth rate of 7.8% for this quarter, aligning with the realized figure. In contrast, a Reuters poll of economists had estimated a slightly lower GDP growth of 7.7%. Meanwhile, economists from the State Bank of India predicted an even more optimistic growth rate of 8.3%.

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While this growth rate is a reduction from the remarkable 13.5% GDP growth witnessed in the same period the previous year, India's economy has exhibited steady expansion and holds the potential for further improvement, particularly during the upcoming festive season.

Despite concerns expressed by economists about the potential impact of inflation and unpredictable weather on economic growth, India's manufacturing, services, and export sectors have demonstrated robust growth. Additionally, the country has witnessed strong tax collection.

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On a related note, the Centre's fiscal deficit during the first four months of the financial year 2023-24 reached 33.9% of the full-year target. Government data released on Monday reveals that the fiscal deficit, representing the gap between expenditure and revenue, amounted to Rs 6.06 lakh crore by the end of July. This figure compares to a fiscal deficit of 20.5% of Budget Estimates (BE) during the corresponding period of the financial year 2022-23.

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In another noteworthy development, the growth of eight key infrastructure sectors soared to 8% in July 2023, compared to 4.8% in the same month the previous year. This expansion was driven by increased production of coal, crude oil, and natural gas, and was further supported by growth in steel, cement, and electricity sectors.

However, it's important to mention that core sector growth witnessed a slight dip in July compared to the preceding month, where it stood at 8.3%. This data, released by the Commerce and Industry Ministry, points to the continuous momentum in the infrastructure sector's expansion.

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