Gross domestic product, or GDP, growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the Reserve Bank of India (RBI).
The federal government met targetted fiscal deficit of 6.4% of the gross domestic product, helped by higher tax revenue even as spending increased, as per a statement. The government will release the revised GDP estimate later in the day.
Though the International Monetary Fund (IMF) has sounded of a global economic slowdown, we remain cautiously optimistic about the Indian economy and the GDP to maintain reasonable growth momentum. India could see growth between 6.5 and 7.1 per cent during FY2022–23 and 5.5–6.1 per cent in the following year.