8.4% record growth of Indian economy: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is 8.4% record growth of the Indian economy.

8.4% record growth of Indian economy

As per the official data released by the Government of India, the Indian economy has recorded its growth by 8.4% in the second quarter of the current financial year. It has been seen with the help of vaccination picked pace and services activities begun normalizing, recovering from the impact of the second wave of the coronavirus pandemic in April-June.

Growth data on all sectors:

Data released by the statistics department:  Growth of the agriculture sector 4.5%, manufacturing 5.5% during the July-September quarter. Among services, construction, trade, hotel, transport, financial, and real estate services grew at 7.5%, 8.2%, and 7.8% respectively.

Government expenditure also took its pace which growing at 17.4% during the second quarter.

Data separately released by the Controller General of Accounts showed that the Centre had expelled 52.4% of its total expenditure target by October against 54.6% during the same period a year ago.

The Reserve Bank of India (RBI) has estimated the country’s economy to grow 9.5% in FY22. The statistics ministry had accounted for a 20.1% GDP growth in the first quarter of this fiscal due to its low base effect.

Fitch Ratings earlier this month rechecked its lowest investment grade (BBB-) sovereign rating for India, with a negative outlook, holding that the country’s rating balances a still-strong medium-term growth outlook.

The gross value added (GVA) in the second quarter has grown by 8.5% in comparison to a declined 7.3% in the same quarter of last year. In the first quarter of the financial year 2022, the gross value added had sharply surged by 18.8%.