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The Ministry of Statistics and Programme Implementation announced on August 31 that India’s Gross Domestic Product (GDP) growth rate reached a four-quarter peak in April-June quarter, at 7.8 per cent. Although this quarterly growth figure is slightly below the expectations of the RBI’s 8 per cent estimate. In the preceding quarter of January-March, the Indian economy had grown by 6.1 per cent, and in the same period of April-June 2022, it had expanded by 13.1 per cent.
However, India still remains the fastest-growing major economy as China’s GDP growth in the April-June quarter was 6.3 per cent.
Chief Economic Adviser V Anantha Nageswaran said that the April-June GDP growth rate of 7.8 per cent is a good number and that the Finance Ministry and the RBI are comfortable in holding on to their full-year growth forecast of 6.5 per cent. He said, “At the moment, the central bank and the Ministry of Finance are quite comfortable with the 6.5 percent real GDP growth outlook for 2023-24.”
Meanwhile, India’s eight core sectors clocked growth of 8 per cent in July, according to data released by the Ministry of Commerce and Industry on Thursday. At 8 per cent, the growth in eight key infrastructure industries, coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas, in July is slightly lower than the 8.2 per cent logged in June.
On the other hand, the fiscal deficit of the Union government widened to Rs 6.06 lakh crore during April-July from Rs 4.51 lakh crore in April-June, according to data from the Controller General of Accounts (CGA) on Thursday. This represents 33.9 per cent of the full-year target of Rs 17.87 lakh crore set for the current financial year 2022-23. In comparison, the fiscal deficit for April-July 2022 stood at 20.5 per cent of the target for 2022-23.
On Thursday, the Stocks Market gained in early hours driven by the information technology sector due to reduced concerns about interest rates in the United States. However, the increase was limited due to cautiousness before the release of the gross domestic product (GDP) data for the June quarter. The benchmark indices, Sensex and Nifty, closed Thursday’s trading session with losses. The selling pressure was largely influenced by financial and FMCG (Fast-Moving Consumer Goods) stocks. The S&P BSE Sensex finished at 64,831, marking a decline of 256 points. Meanwhile, the NSE Nifty closed at 19,254, down by 94 points.
As the month drew to a close, there was profit booking in the market, likely in anticipation of the forthcoming GDP data and the monthly expiry of futures and options (FNO) contracts.
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