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India’s Jan-March quarter GDP growth at 6.1% y/y – govt

India’s economic growth accelerated to 6.1% in the March quarter from a year earlier as a recovery in private investment and domestic consumption offset the drag from softening global demand.

Asia’s third-largest economy expanded faster than the forecast of 5.0% by economists in a Reuters poll in the last quarter of the fiscal year 2022/23 ending in March, up from revised 4.5% in the previous quarter, government data showed on Wednesday.

A fall in food, crude oil and raw material prices boosted demand for services such as air travel and manufactured items like cars and mobile phones.

Economists, however, warned that the global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.

The full-year growth estimate was revised to 7.2%, above earlier estimate of 7%. India’s economy grew 9.1% in 2021/22.

In the March quarter, India’s manufacturing sector output rose 4.5% on-year, compared to 1.1% contraction in the previous quarter while farm output rose 5.5% compared to 3.7% growth in the same period.
Source: Reuters (Reporting by Manoj Kumar and Nikunj Ohri; Editing by Andrew Heavens)

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